Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-092"
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"en.20081117.21.1-092"2
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"Mr President, ladies and gentlemen, I would like to thank the Chairman of the Eurogroup and the Commissioner, as well as the two rapporteurs who produced this report, because I am convinced that the introduction of the euro has enabled citizens to manage their own family budgets more successfully, by helping them to make savings in their spending on goods and services, and not only this.
As others have pointed out, we have seen the inflation rate contained at an average of around 2%, as well as the creation of roughly 16 million jobs over these ten years and the reduction of the public budget deficit, which in 2007 – as the Commissioner said – amounted to approximately 0.6% of GDP compared with 4% in the 1980s and 1990s.
Moreover, the euro has acquired international prestige and has become an attractive currency even to countries outside the Community, and despite the recent financial turmoil that has dealt serious blows to the world financial and banking system, the euro has undoubtedly attenuated the devastating impact of this financial crisis of global proportions. There is today, however, a danger that the global slowdown in demand will continue to weaken exports and to frustrate the advantage of the discount rate of the euro, which is threatened by the fall in value of the dollar.
It is clear that we must look again at making significant adjustments to the basic structure of the euro, in order to put Member States with a below-average GDP in a position to redress their disadvantage. An EMU road map to better analyse economic divergence, drive forward structural reforms and monitor public finances and financial markets, accelerating their integration, is therefore most welcome. All this can and must be achieved little by little as we emerge, and let us hope as soon as possible, from this situation of instability that is currently exacerbating not only the urgent decisions that national governments have to make, but also the confusion into which savers are thrown. Savers’ trust must be restored in order to get investments and consumption moving and to improve the overall framework within which we can then act more calmly. In other words, the responsibility must be a collective one, but a concerted effort is required on the part of the competent authorities to judge which reforms to support with rigorous governance and authoritative political leadership."@en1
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