Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-20-Speech-3-056"
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"en.20070620.3.3-056"2
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"Mr President, first of all, I would like to say that I welcome the fact that, on 1 January 2008, the eurozone will have two new members, namely Cyprus and Malta. Both countries have fulfilled the convergence criteria stipulated in the Treaty. I would like to warmly congratulate our Cypriot and Maltese colleagues.
Expanding the eurozone is an important process which fosters deeper integration in the European Union. This process also has a positive effect on candidate countries and the eurozone’s economic position. Countries preparing to join the eurozone are developing at a much faster rate than those in the zone. Their macroeconomic situation is also better, especially in terms of public debt and budget deficits. The new members will strengthen the whole zone and the single currency.
At the same time, I would also like to state that I do not welcome the fact that a great deal of time pressure is being placed on Parliament in its work to assess these new countries’ eurozone membership. Our current work schedule does not allow Parliament to properly prepare an opinion. This is why the resolution which I hope we will adopt today, aims to initiate a debate on an interinstitutional agreement which will, in the future, facilitate the efficient and effective analysis of convergence reports.
I welcome the open and constructive position that President Barroso and Commissioner Almunia have just declared, on behalf of the Commission. Minister Gloser, I hope that the Council’s position will also be constructive. I am counting on the creation of an efficient mechanism for a problem-free expansion of the eurozone in the future.
In the debate on the expansion of the eurozone, it should be stressed that certain compulsory Maastricht convergence criteria do not apply to the current situation. This is particularly the case for inflation. First of all, it does not seem appropriate for the eurozone membership criteria to be defined according to the average inflation rate in countries which do not belong to the eurozone.
Secondly, the current criterion does not take into consideration the fact that rapid economic growth in the new Member States naturally translates into a higher inflation rate, which is by no means a sign of economic weakness. In fact, quite the opposite is the case. It reflects the fact that the new Member States are catching up with the developed economies of the old Union.
Thirdly, I would like to draw your attention to the fact that the definition of stability applied by the Commission and the European Central Bank in convergence reports is different to the definition of price stability used by the European Central Bank in the field of monetary policy. Meanwhile, the Treaty text only contains one definition of price stability and we cannot have two different interpretations of this term.
The inflation criteria currently means that some of the new Member States may not be able to join the eurozone for many years. This permanently divides the Member States into two categories, namely the eurozone countries and those which remain outside the eurozone. This situation threatens the cohesion of the Union and is at odds with the spirit of the Treaty. The convergence criteria were drawn up 16 years ago, in entirely different circumstances. They should be adapted to the current situation. I appeal for an in-depth debate on this subject."@en1
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