Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-974"
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"en.20081118.26.2-974"2
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"The ‘EMU@10: successes and challenges after 10 years of Economic and Monetary Union’ report is one of the most important reports presented to this plenary. At a time of financial difficulties, it provides a new framework for discussions about the economy. The report offers a detailed analysis which enables us to see the positive and negative aspects of Economic and Monetary Union. It contains interesting conclusions about the common currency, the euro.
There can be no doubt that the introduction of the euro has been a huge financial success for the EU. It must be acknowledged that it has withstood a lot of market turbulence. However, the common currency does not affect all regions in equal measure. Differences in the development rates of different European Union states are becoming increasingly more pronounced. Today, at a time of financial crisis, coordination of economic policy has become a necessity. We must also abide by the provisions of the Stability and Growth Pact.
It is extremely important to support the independence of the European Central Bank. Its powers must be limited to monetary issues, that is to maintaining price stability, and its exclusive power to set interest rates.
For these reasons, I support adoption of the report."@en1
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