Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-028"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-07-09"^^xsd:date2
dcterms:Is Part Of	lp_eu:Report on the ECB annual report for 2007 (debate)2
dcterms:Language	"fr"^^xsd:language2
lpv:document identification number	"en.20080709.2.3-028"2
lpv:hasSubsequent	lp_eu:2008-07-09-Speech-3-0292
lpv:speaker	lp:Benoît Hamon2
lpv:spokenAs	member; ECON (2007-01-31--2009-07-13)3 substitute; IMCO (2007-01-31--2009-07-13)3 member; PES (2004-07-20--2009-07-13)3 substitute; Delegation for relations with Israel (2007-03-14--2009-07-13)3 vice-chair; Delegation for relations with the United States (2007-03-14--2009-07-13)3 unknown; Parti socialiste (2004-07-20--2009-07-13)3
lpv:translated text	"Madam President, ladies and gentlemen, the euro is an increasingly expensive currency by comparison with those of our main partners and competitors. That is particularly true compared with the dollar. Of course, the policy of systematically increasing European Central Bank reference rates, coupled with the reverse policy of the Fed, is merely accentuating the problem. This exchange trend that is damaging the competitiveness of the European economy has been the subject of much comment, particularly by highly prominent European leaders. The predominant view, in this House in particular, is that the ECB has sole and absolute competence for exchange rate trends. The ECB itself refuses, through its President, to express any views on the subject, apart from a few vague international declarations. Not only is this situation untransparent and undemocratic, it is, above all, contrary to the Treaty. Article 111 of the Treaty reads, and I quote: 'In the absence of an exchange rate system in relation to one or more non-Community currencies as referred to in paragraph 1, the Council, acting by a qualified majority either on a recommendation from the Commission and after consulting the ECB or on a recommendation from the ECB, may formulate general orientations for exchange rate policy in relation to these currencies'. I repeat: 'may formulate general orientations for exchange rate policy'. In other words, the euro zone has indeed equipped itself with the means to decide democratically on its exchange policy. My question is simple and it is addressed to the Heads of State and Government: instead of moaning, what are the governments of the Union waiting for before they act?"@en1

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