Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-101"
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"en.20081117.21.1-101"2
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"Mr President, I would like to make just two comments. Firstly, the euro has passed the test. Without the euro, in this financial crisis we would probably not have been spared speculation that would have gone against entire national economies in Europe. In that sense, then, the euro has passed the test. We would probably be facing serious difficulties – if not an absolute shambles – in Europe if we had not had the euro in this crisis.
In my view, two things will be absolutely crucial in future. The euro can only remain stable and make progress against the dollar as a global reserve currency if two things are guaranteed: firstly, the ECB, which has proven itself in the crisis, must remain independent – as has already been argued – and, secondly, the Stability and Growth Pact must be expanded on. It is already extremely useful in its current form, but it also needs to be applied and protected."@en1
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