Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-11-Speech-3-278"
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"en.20070711.27.3-278"2
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"Madam President, economic growth is higher, unemployment is down, government deficits are falling a little, but concerns are now being expressed that this growth may be threatened by the strong foreign value of the euro. While Mr Juncker does not share these concerns, Mr Sarkozy and others have been calling for active management of the exchange rate. Mr Mitchell’s report draws our attention to the rules that give Member States the responsibility for exchange rate policy, and calls on Eurozone finance ministers to coordinate their influence on the exchange rate with the European Central Bank.
The report then says that this action should not undermine the ECB’s independence to use its interest rates to control inflation. We do not seem to understand how it works. The way to bring down the value of the euro is for the ECB to reduce interest rates. But then it would have to abandon its inflation target. In these days of free capital flows it is not possible simultaneously to control inflation and the exchange rate.
There is another way, of course, and that is to impose exchange controls. Maybe this is really what they are thinking. It would not be out of keeping with Mr Sarkozy’s remarks about defending French protectionism and it would also be disastrous for the market economies of the Eurozone."@en1
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