Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-20-Speech-3-057"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20070620.3.3-057"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
".
Mr President, ladies and gentlemen, first of all I would like to thank Mr Langen, the rapporteur, for the excellent work he has achieved despite the short length of time available.
In fact, on 16 May 2007 the Commission adopted its convergence report on the criteria for Malta and Cyprus to join the single currency and on 25 May the European Parliament was invited to express its view on the proposal for a Council decision on the adoption by Cyprus and Malta of the single currency on 1 January 2008. Because of the short time available Parliament was not able to make a thorough assessment of the situation of these countries and the reports put forward by the Commission.
I would nonetheless express a favourable opinion on the adoption by Cyprus and Malta of the single currency, since the convergence criteria have been met. In fact, with regard to Malta, in the last 12 months the inflation rate has been 2.2%, which is less than the reference value of 3%. The excessive deficit has been corrected through a sustained reduction in the budget deficit under the threshold of 3% of GDP and the debt rate is falling, coming close to the reference value of 60% of GDP. Until March 2007 Malta’s average long-term interest rate was at 4.3%, which is below the reference value of 6.4%. The Maltese economy is highly integrated into the European Union and the balance of payments deficit fell to 6.3% in 2006, partly thanks to direct foreign investments.
With regard to Cyprus, in the last 12 months the inflation rate has been 2%, which is lower than the reference value of 3%. For 2007 the forecasts made by the Commission in spring this year are for an unchanged deficit of 1.4% of GDP. Since its entry into ERM II, the European exchange rate mechanism, the Cypriot pound has been exchanged in a stable manner at a satisfactory exchange rate. In the last 12 months the average long-term interest rate has been 4.2%, which is below the reference value of 6.4%. The Cypriot economy is highly integrated into the European Union’s economy. The Commission considers that economic integration has been achieved, despite the increase in the balance of payments deficit.
In order to avoid problems arising again in the future on procedural timetables, it is necessary to improve the method for consulting the European Parliament, by setting up interinstitutional cooperation between Parliament and the Commission. This will make it possible to have the time necessary to make a proper assessment of the proposals by the Commission and the European Central Bank. On this point, I believe that the exchange of views with Commissioner Almunia and the reply by Mr Barroso, President of the Commission, to the letter sent to him by Mr Pöttering, President of Parliament, were fairly positive. The Commission ought to notify Parliament very early of all requests for convergence reports submitted by the Member States and should decide together with Parliament and the Council on the timetable for the procedure."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples