Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-089"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-11-17"^^xsd:date2
dcterms:Is Part Of	lp_eu:EMU10: The first 10 years of Economic and Monetary Union and future challenges (debate)2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20081117.21.1-089"2
lpv:hasSubsequent	lp_eu:2008-11-17-Speech-1-0902
lpv:speaker	lp:Manuel dos Santos2
lpv:spokenAs	substitute; Delegation to the ACP-EU Joint Parliamentary Assembly (2004-09-15--2009-07-13)3,3 vice-president; European Parliament (2007-01-16--2009-07-13)3,3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2009-07-13)3,3 member; ECON (2007-01-31--2009-07-13)3,3 member; PES (2004-07-20--2009-07-13)3,3 vice-president; Parliament's Bureau (2007-01-16--2009-07-13)3,3 unknown; Partido Socialista (2004-07-20--2009-07-13)3,3 substitute; ITRE (2007-01-31--2009-07-13)3,3 member; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (including Libya) (2007-03-14--2009-07-13)3,3
lpv:translated text	"I must start by congratulating the rapporteurs on this excellent report. Only the few who are completely oblivious or the many who lack any understanding at all might consider that the euro and its associated monetary policy have not been a huge success for humanity and a great success for the European economy. You only need to look at the vast number of jobs that have been created in Europe during the euro’s reign to understand its importance. It also cannot fail to be significant that, in a crisis situation in which the European economy, thanks to its instruments, is reacting more favourably than other regional economies, those who a short time ago were sceptical about the common monetary policy and the euro are now quickly asking to cooperate with and even integrate into the euro area. However, that is not everything and it does not mean that I personally am satisfied with how the European Union has tackled the issues of financial consolidation and financial stability. I have already said in this House on numerous occasions that I am in favour of financial stability and the Stability and Growth Pact, but that I feel that this Pact has not always been a friend to the real economy. Neither this Pact nor the monetary policy has been a true friend to the real economy. The real economy has frequently suffered enormous problems due to an overly conventional application of the rules of the Stability and Growth Pact. I have never met an economist nor read an economic text book that told me that two, three and sixty, the magic numbers of the Stability and Growth Pact (inflation, deficit and debt ratio), have been scientifically proven. I have never met anyone and I have particularly never met an economist or economic theorist who at any time has said that it is absolutely vital to doggedly maintain this kind of configuration. One idea heavily defended by the Commission and by the more conservative sectors of Europe is that we must have balanced or zero budgets. This is an absolutely absurd idea. At any level of growth, a balanced budget means the total elimination of debt in the future. This is not fair in social terms, nor is it fair in inter-generational terms, and it has no connection with reality and the real economy."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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