Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-082"

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"en.20081117.21.1-082"2
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"Mr President, I would like to draw attention to two questions in this debate, questions which in my view cast a shadow on the functioning of economic and monetary union. Firstly, we have the more rapid development of the countries outside the Euro Zone than those within it. In 2002-2007 the old Member States outside the Euro Zone – England, Sweden and Denmark – developed much faster than the Euro Zone countries. GDP growth in these countries was almost double the average in the Euro Zone, and unemployment rates were significantly lower than in the Euro Zone. The differences between the Euro Zone countries and the new Member States are even more telling. Secondly, there is the unequal treatment of countries aspiring to economic and monetary union, and those already in it. The candidates for monetary union have to meet strict fiscal and monetary criteria for two years before adopting the currency, while the two largest EU countries – Germany and France – who are in the Euro Zone, exceeded the budget deficit threshold for the four years between 2002-2005. A change in the Stability and Growth Pact was necessary for these two countries to avoid having to pay several billion euros in penalties for non-observance."@en1
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