Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-05-07-Speech-3-024"
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"en.20080507.11.3-024"2
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".
Mr President, Commissioner, thank you for this communication, for this chance both to take stock and to look at what we need to do for tomorrow.
The euro is a success, no-one doubts that. The euro has protected us. What kind of state would our financial markets, our currencies be in with the turbulence of today's world, if we did not have the euro? But this success has strings attached. It means we have to be even more daring, because we are not a simply monetary area; we have a particular responsibility.
Yes, the euro is a success, and yet it reveals some of our intrinsic failings. We often do better on the defensive than on the offensive. We often do well when it comes to totting up points, something that the Stability Pact enables us to do, but when it comes to organising the best possible game, to optimising the potential offered by the single currency, we are often below par.
This is true within the EU. Why do we not use our currency to improve our ability to implement the Lisbon strategy? Why do we not use our currency to implement the objectives we have set ourselves for energy and the environment? As for outside the EU, you talked about this and I agree with your diagnosis.
You propose mechanisms for improving multilateral surveillance, and you are undoubtedly right, but this is based on two premises. The first is that the long-term presidency of the Eurogroup, held by Mr Juncker, has brought improvements in the way in which this body operates. The second is that the independence of the European Central Bank is not in question and cannot be challenged by anyone. Starting from these two premises, we still have a lot to do and I am counting on you, Commissioner, to restore some balance to the Economic and Monetary Union, which is still out of balance. The economic arm of it has required improvement from day one, as we know, and we need to work out how it should be reformed as it moves forward. Ten years on, we still have a lot to do.
Today, the questions we have been asking from the start need to be addressed, though obviously in quite a different context now. We need to look at this context in the light of two major phenomena. The first is obviously the current crisis that has come from the United States, which reflects the fact that we are in the second stage of globalisation, where inflation is back and which is marked by a euro/dollar exchange rate unfavourable to our exports – though it does have its advantages – and which is also marked by an unbelievable rise in the prices of commodities, oil and food.
The second element of context we have to take account of is the Treaty of Lisbon, which changes things for the Eurogroup, giving it new responsibilities in terms of external representation and coordination. We need to be aware of this and really get the most out of the potential of this Treaty.
Commissioner, you ask us to help reach a consensus. If it is a good one, we will be there. However, we also think that perhaps there is a need to go further, with concrete proposals. If I have understood you correctly, you would like to receive a roadmap from the Council. Very well! You must tell us, though, under what conditions the European Parliament will have its say in the proposals this will contain for improving the governance of the euro, so that the potential of this currency is deployed fully for the benefit of citizens and so that in the future there is greater acceptance of the European Central Bank by our fellow citizens. The fact that it has become an institution perhaps allows us to look again at the way its members are appointed. You know that this Parliament is on your side, that it is the Commission’s ally when the Commission wants to move forward, but we will also be a demanding ally. Do not listen just to the Council; regardless of what is written in the treaties, take account of any excellent proposals that might come from the European Parliament too."@en1
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