Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-030"
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"en.20090113.5.2-030"2
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Mr President, Prime Minister, Chairmen of the committees, ladies and gentlemen, I am sure that I am echoing the views of the vast majority of this Chamber in saying that, 10 years after its launch, I, as a European, am proud of the success of the euro.
The Stability and Growth Pact, reformed in 2005, has encouraged governments to sort out their public accounts, leading in 2007 to the lowest budget deficit for 25 years, which is now enabling them to face the crisis in a better situation.
Throughout this crisis, the actions of the European Central Bank have done nothing but reinforce the solid reputation that it had already earned in the early years of Economic and Monetary Union.
By decisively adopting the necessary measures and taking the lead in cooperating with the other central banks in industrialised countries, the European Central Bank has served as our guide throughout this period and has substantially contributed to preventing huge financial collapse.
The economic situation is not as we would have hoped as we celebrate this anniversary, but events are highlighting more than ever the advantages of Economic and Monetary Union. For those countries which have not yet joined, the euro area is an increasingly attractive option, as demonstrated last week in Bratislava when we welcomed Slovakia as the newest – the 16th – member of the euro family.
The European Commission and Parliament must continue working with Member States, the Eurogroup, the European Central Bank and the international community in order to place our economies on the path to the sustainable resumption of growth.
In this regard, the Commission’s recommendations in the report that we submitted a few months ago on the first 10 years of Economic and Monetary Union, which was recently debated in this Chamber, are as valid or even more valid today than they were last spring.
Increased budgetary vigilance, its extension to other macroeconomic aspects, the link between macroeconomic policies and structural reform, the external image of the euro and improved governance of the Economic and Monetary Union are, and must continue to be, the core themes on which to base the euro’s second decade, with at least as many successes as this first one.
Mr President, I would like to conclude by paying tribute to the vision and ambition of the founding fathers of the euro, whose imagination and resolute action bequeathed to us a currency of which all Europeans can be proud. We must safeguard the foundations of this success.
The crisis has opened up a new chapter for the global economy, in which the Economic and Monetary Union must continue to play a relevant role in serving the common interests and ambitions of all Europeans.
I would like to congratulate Parliament on its initiative to commemorate the 10th anniversary of our single currency here, in this Plenary Chamber of the European Parliament in Strasbourg.
The euro and Economic and Monetary Union have undeniably been a success. Over these 10 years, the euro has brought many benefits to all its members and continues to do so today amid a deep economic and financial crisis.
Within the short period of a decade, the euro has earned a well-deserved reputation for strength and stability. The euro is the second of the world’s currencies and, thanks to its role in the international economy, is already comparable in some respects to the dollar as an instrument of commerce and means of payment in international finance.
Above all, though, the euro is part of the daily life of nearly 330 million people in 16 countries of the European Union. We all carry in our wallets this symbol of a shared European identity: because the euro, as well as being a currency, is a central element of our European project, reminding us in a tangible way of the benefits of the integration process that began over half a century ago.
The euro has given us low inflation and low interest rates, thanks to a macroeconomic framework directed at stability. The euro has provided a clear boost to trade and investment among its Member States. The euro has also facilitated the creation of 16 million jobs over the last 10 years in the euro area, three times the corresponding figure from the previous decade.
The euro has encouraged financial integration and the development of the single market; it has protected the members of the euro area from external disruption; and it has been and continues to be a pole of stability, not just for the European economy, but also for the global economy.
The crisis is, without a doubt, a touchstone for the euro. However, those who think that the Economic and Monetary Union is not ready to face the consequences of this crisis are quite mistaken. On the contrary, if the single currency did not exist, the adverse effects of the crisis would be much greater.
Many Member States would now be facing great volatility in their exchange rates and, possibly, might even be suffering speculative attacks on their currencies. The spread of their public debt securities would be much greater than currently, and their margins for combating the crisis through fiscal stimuli would be narrower."@en1
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