Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-10-25-Speech-1-061"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2004-10-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:ECB 2003 annual report2
dcterms:Language	"sv"^^xsd:language2
lpv:document identification number	"en.20041025.13.1-061"2
lpv:hasSubsequent	lp_eu:2004-10-25-Speech-1-0622
lpv:speaker	lp:Nils Lundgren2
lpv:spokenAs	member; Delegation to the EU-Turkey Joint Parliamentary Committee (2004-09-15--2009-07-13)3 member_of_the_bureau; IND/DEM (2004-07-20--2007-06-12)3 vice-chair; CONT (2004-07-23--2007-01-14)3 substitute; ECON (2004-07-21--2007-01-14)3 unknown; Junilistan (2004-07-20--2009-07-13)3 member; ITRE (2004-07-21--2007-01-14)3
lpv:translated text	"Mr President, by setting up a currency union with a common currency, twelve of the EU Member States have taken considerable risks with employment. The EU countries are characterised by limited ability to adjust to various structural changes and are therefore afflicted by permanently high unemployment figures. The risks involved in the euro are already clearly seen, above all in Germany which has been subjected to an unduly restrictive monetary policy in recent years, with hundreds of thousands of German workers forced needlessly into unemployment. These problems will increase when industrial activity shifts to Eastern Europe and Asia, badly affecting each of the eurozone countries to varying degrees during the next five years. Unfortunately, the policy of the European Central Bank has exacerbated these unemployment problems in quite a few Member States. In common with most modern central banks, the European Central Bank operates mainly with an inflation target. This is completely in accordance with economic theory, but too low a target has been chosen. The central banks in Great Britain, Sweden, New Zealand and the United States have higher inflation targets. Modern research indicates that the inflation target should be set at an average of 2.5% or perhaps 3% over an economic cycle so as not to drive people unnecessarily into unemployment. The ECB and its top people should therefore increase their inflation target to an average of at least 2.5%. They deserve to be sharply criticised for their inability to adjust their policy to the way in which the European mixed economy operates."@en1

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