Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-10-24-Speech-2-311"
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"en.20061024.33.2-311"2
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"Mr Martin, I understand the frustration of the candidates for adoption of the single currency whose candidature is not being successful because they do not comply with the inflation criterion, for example, when, at the same time, they can see that certain Member States of the euro zone, which have been part of it since 1999 or 2001, are still members despite the fact that they do not comply with, in some cases, the inflation criterion, in others, the deficit criterion and, in others, the debt criterion.
In the case of Member States that do not comply with the budgetary discipline criteria – deficit and debt – the instruments laid down in the Treaty are applied, by means of the Stability and Growth Pact mechanisms. I must say to those people who suggested that the new Stability Pact was going to be ineffective and excessively flexible, that that Pact is now being applied rigorously and fully. Since the new Pact has entered into force, there has not been a single disagreement in the Council about accepting and supporting the Commission’s proposals, and amongst the Member States of the euro zone there has not been a single complaint about having to comply with the recommendations adopted by the Council, on the proposal of the Commission, aimed at restoring budgetary discipline. There have been such complaints outside of the euro zone, but not inside it.
Nevertheless, there are certain Member States of the euro zone with inflation above the 2.8% reference value that I mentioned before. There are no instruments for taking action in relation to a Member State of the euro zone when its inflation is greater than the reference value. There is one very powerful instrument, but it is not in the hands of the Commission, nor Parliament, nor the Council. It is a market instrument, because those Member States are losing competitiveness, and their citizens and companies are suffering the consequences of the loss of competitiveness, which can no longer by definition be restored through modifications in exchange rates, because these Member States have adopted the single currency."@en1
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