Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-08-Speech-3-304"
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"en.20050608.21.3-304"2
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"If I may, I should like to make a few remarks, even though I represent the Czech Republic, which is not a member of the eurozone. The first thing I would like to say is that the main reason for the victory of the ‘no’ camp in the recent French referendum was French people’s fears regarding the future of their expensive social system. France is, of course, a member of the eurozone, and cannot therefore allow itself to violate the rules of the Growth and Stability Pact in the long term: in my opinion, this will lead to rising tension between the existing rules and the willingness of French politicians to please large parts of their domestic electorate.
Secondly, it is not at all clear in the short term how vigorously and, above all, with what political courage public finance reform will be carried out. I am thinking in particular of France, which will only be able to keep its finances under control by restructuring government revenue and expenditure, or in other words by carrying out unpopular reforms.
The situation in the Netherlands is somewhat different, and this is the third point I should like to make. After entering the eurozone, the Dutch had to give up their strong currency, and under the hugely unfavourable conditions of an undervalued exchange rate. They doubtless reminisce about the strong guilder, which would now help them solve the problem of negligible economic growth.
Fourthly, other key members of the eurozone, namely Italy and Germany, are experiencing problems with over-expensive social systems and sclerotic economies, and they can expect structural reforms that will doubtless be tough.
It is of key importance for the stability of the euro, and I think Mr Karas’ analysis of this point was relatively accurate, that the basic rules of the Stability and Growth Pact remain unchanged, or that they apply to all countries always and at every moment. That is why the eurozone countries should first comply with the current rules that apply to everyone, and only then debate any possible relaxing of these rules."@en1
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