Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-10-25-Speech-1-103"
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"en.20041025.15.1-103"2
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"Mr President, apart from the obvious concern in every economy, the high price of oil and the present dependence of the world economy on it have started to financially suffocate both households and businesses.
The present price rise appears not to be simply a short term or speculative rise; on the contrary, it also reflects structural changes which may well result in multiple reviews of the global economy.
The growth of the Tiger economy and a series of geopolitical factors are among the factors which have caused the present oil-triggered disorder in the economy. Consequently, it is not at all impossible that oil prices will stabilise at much higher levels than those which we considered normal in the past. For the European Union, the Commission itself has stated that a 25% increase in the price of oil this year will reduce the rate of growth by 0.17%.
As a result of these negative developments, there is an urgent need for the Commission and the Council to proceed with immediate action and medium term interventions. In a period of economic recession, of inflationary pressure and of pressure to re-examine the financial policy of the Stability and Growth Pact and the effectiveness of the support mechanisms for the Lisbon agreement, we cannot confine ourselves, Commissioner, to declarations and statements that, basically, everything is fine. The European Parliament would like to re-examine ways and means – there is a detailed analysis of the repercussions of the already enhanced oil prices on economic growth in the individual sectors, such as transport, agriculture, trade and employment.
First, we should stress that nearly all the budgets of the Member States have been prepared on the basis of an oil price of USD 29. Secondly, we should stress the need to configure a stable and effective European framework for dealing with upward trends and sudden fluctuations in oil prices. Thirdly, we should stress the need to develop and activate a plan for dealing with the crisis and creating an efficient framework for preventing any crises which may affect the new stability pact. Fourthly, we should stress the need to avoid speculative market trends. Fifthly, we should stress the need to support vulnerable social groups, as this will mitigate the reduction in their income and prevent their social and economic marginalisation. Finally, we need to stress the need for financial support for farm holdings and businesses, which are already bearing the burden of the increase in production costs, which they truly cannot pass on to the consumer.
I should like in closing to stress that any delay in taking immediate initiatives will contribute to the emergence, as we have seen in the Council, of isolated national measures, and I should like to stress here that different national economic and political approaches must not be allowed to affect the degree of application of unified Community policies."@en1
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