Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-12-Speech-4-306"
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"en.20070712.23.4-306"2
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".
I have two remarks to make about the two reports on which we have voted today, on the work of the European Central Bank and the euro zone.
The first is that one has the impression that nothing is being controlled where the single currency is concerned. True, it exists, but then what? It does not lead to growth – the budgetary and structural reforms linked to it are supposed to do that – any more than it leads to a convergence of economic cycles, of results, of the interest rates set by the banks. As for European monetary policy, one can only continue to deplore its failure to meet the needs of the Member States of the euro zone, the eight increases in the European Central Bank’s reference rate in 18 months, their dubious motives and the continued absence of any exchange-rate policy.
It may be noted above all, and this is my second remark, that, despite the process – which I consider unwarranted – of reforming the Treaties, there is no question whatsoever of calling into question the stated objective of this policy in order to finally force the Frankfurt-based Bank to support growth and employment over the ideological creation of a European monetary area. Mr Sarkozy, who is playing the part of finance minister on this occasion, does not seem able to move this situation forward."@en1
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