Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-088"
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"en.20081117.21.1-088"2
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"Mr President, there can be no doubt that the birth of EMU and the euro are one of the highlights in the sixty-year history of European integration.
This is the first time in Europe and in the world that we have had such a structured changeover to a common currency, without war, without bloodshed, by consensus and through the political will of independent countries which jointly and democratically decided to take this road towards monetary stability. It has been a difficult road, but a road which suited both components in Europe: both those countries which were accustomed to financial stability and continued to pursue the same anti-inflationary policies and the others which, after decades with no financial discipline, found for the first time in the euro an oasis in which they could rationalise and restructure their economic basics.
So much for the past. Now, however, we are in a very difficult phase, at a crucial stage in which we must look at the 'E' in EMU. Until now the 'M' in EMU, its monetary components, have helped us to get where we are today, but from now on, without a cohesive, consistent, single European approach to the economic aspects of the argument, I am afraid that we shall find many of our achievements overturned before us.
So we have two matters outstanding for the future: coordination rules for European economic governance which will also inoculate the global system over and above the excesses and anarchy which caused the present crisis and, secondly, we need to condemn the economic pandering to the people of all those who want to use the crisis to cast doubt on such important achievements."@en1
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