Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-02-22-Speech-2-046"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20050222.4.2-046"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, we are talking about competitiveness, but competitiveness relates directly to currency exchange rates. We have allowed the euro to become overpriced in relation to the dollar. It has risen from 0.84 to 1.30, causing extensive damage to our competitiveness.
The Central Bank has basically sacrificed competitiveness, where we are lagging behind, in order to reinforce stability, where we are fine. In other words, we have protected the point at which we are strong and left the point at which we are weak exposed. Thus, the expensive euro has exacerbated the recession. The recession has reduced the inclination of companies to take investment risks and adopt innovations. In other words, what good is the Lisbon strategy? Look at what the Americans, Russians, Chinese and Indians are doing. While all our competitors are focusing on competitiveness and growth, we are focussing on waste and debt. All of them are achieving higher returns than us, while we are wallowing in chronic recession. Perhaps we should start to question our economic policy mix? As long as the present mix continues, the Lisbon strategy and the Stability Pact will become more and more mutually incompatible. Keep the Lisbon strategy, but make sure the monetary policy applied by the Central Bank also helps. Keep the Stability Pact, as long as the emphasis is on restraining expenditure, not increasing income.
The European Central Bank needs to relax monetary policy so that the Member States can tighten up their public finance policy, especially on the spending side. Then, whatever active demand loses in public spending, it will gain from increased exports and we shall avoid tax increases. This is a policy mix that combines prudence and growth but, if we are to achieve it, the Central Bank also has to cooperate. Of course we need prudence, but prudence is one thing and inflexibility is another. As long as we confuse prudence with inflexibility, we shall have neither prudence, nor growth nor competitiveness."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples