Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-046"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2009-01-13"^^xsd:date2
dcterms:Is Part Of	lp_eu:Formal sitting and debate - 10th anniversary of the euro2
dcterms:Language	"pl"^^xsd:language2
lpv:document identification number	"en.20090113.5.2-046"2
lpv:hasSubsequent	lp_eu:2009-01-13-Speech-2-0472
lpv:speaker	lp:Zbigniew Kuźmiuk2
lpv:spokenAs	unknown; Polskie Stronnictwo Ludowe (2004-07-20--2009-07-13)3 substitute; Temporary Committee on Climate Change (2007-05-21--2009-02-04)3 member; BUDG (2007-01-31--2009-07-13)3 member; Delegation to the EU-Russia Parliamentary Cooperation Committee (2007-03-15--2009-07-13)3 substitute; ECON (2007-01-31--2009-07-13)3 member; UEN (2005-12-13--2009-07-13)3 substitute; Delegation to the EU-Ukraine Parliamentary Cooperation Committee (2007-04-25--2009-07-13)3
lpv:translated text	"In the debate about the euro I want to draw attention to three negative aspects of its performance. Firstly, from the moment when the euro was introduced, in other words from 2002 to 2007 inclusive, the three Member States which were outside the euro area (England, Sweden and Denmark) developed faster than the countries which were in the euro area. Gross national income in those countries grew almost twice as fast as the average for the euro area, and the level of unemployment was lower. Secondly, the battle with the effects of the current financial and economic crisis is clearly more effective in those countries than in the euro area. The central banks of England, Sweden and Denmark very quickly and clearly reduced interest rates while ensuring liquidity to commercial banks. It also seems that the fiscal policy pursued by these countries will be more effective than the fiscal policy in the euro area. Thirdly, new Member States which are preparing to enter the euro area have to comply with many monetary and fiscal criteria two years before entry. Some of these criteria are mutually contradictory, such as the need to be present in the ERM II system – and therefore the need to maintain the national currency’s exchange rate against the euro within a fluctuation band of ±15% – and at the same time to maintain a low level of inflation. Counteracting devaluation pressure on the national currency means the need for intervention by central banks, which means putting greater amounts of the national currency into circulation, which obviously increases inflationary pressure. As the Commission wants to encourage new Member States, it should consider eliminating this obvious inconsistency."@en1

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