Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-14-Speech-1-145"
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"en.20100614.23.1-145"2
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"− Madam President, I am pleased to be able to present this report endorsing Estonia’s application to join the eurozone.
Therefore I commend this report to this House.
It is very significant that a small, but highly determined, EU Member State comes knocking on the eurozone’s door during such difficult times. It says a lot about the country and it says a lot about the euro and the eurozone as well.
The reason why Estonia should join the eurozone is straightforward. Estonia has met the Maastricht criteria laid down in the treaties. More importantly, we need to keep in mind that these achievements were reached during the worst global financial, economic and social crisis we have seen in our lifetimes. Such achievements, it must be said, are the result of determined, credible and sustained efforts by successive Estonian governments and the Estonian people. Moreover, despite the eurozone’s recent difficulties, public opinion in Estonia is strongly in favour of joining the euro.
As rapporteur, I have been in constant contact with the Commission, the European Central Bank and the Estonian Government and visited Estonia in the middle of May when the Commission and the ECB published their convergence reports. The preparations made by the Estonian Finance Ministry, Parliament and Statistical Office and the Central Bank are a credit to Estonia.
I must raise my concern, however, at the extremely short time that Parliament is being given to present its report following the publication of these convergence reports. I do not think it is appropriate. As has been stated in the past, it demonstrates a lack of respect for Parliament. I admit that there have been some noticeable improvements, as when the Central Bank and the Commission met with the Bureau and gave an oral explanation of progress. However, I sincerely hope that this timetable will not be followed next time a country wishes to join the eurozone.
Although there may be some who say that the eurozone should sort out its problems before taking in new members, in my opinion this would be a short-sighted approach. As members of the eurozone, we are either confident and motivated enough to see our way through the stormy seas the euro is passing through or else we lose our heads in a frenzy and refuse an able and qualified Member State which wants to join the euro and is ready to give a helping hand in the time of need.
In our battle to restore confidence in the eurozone with measures to improve the sustainability of public finances, through tighter statistical governance, my opinion is that Estonia will be a real asset to the eurozone. Its prudent approach to public finances meant that, by the end of 2009, it comfortably had a very low – if not the lowest – government budget deficit in the eurozone. Meanwhile, despite a massive contraction of the economy by nearly 15% in 2009, the fact that it had rebuilt up large surpluses during the good years has meant that its government debt to GDP ratio is, at 7.2%, easily the lowest in the EU and one of the lowest in the world. Put plainly, during the worst economic and social crisis, Estonia has kept its house in order.
This puts Estonia firmly in the group of eurozone countries which are more fiscally disciplined and prepared to take the tough choices to maintain sustainable public finances. It also carries significant political symbolism. Estonia’s application to join is a significant symbol to its neighbours that joining the euro should be an attractive option for those countries which prepare themselves well.
Finally, this is not to say that an easy economic path ahead lies ahead for Estonia. Unemployment is extremely high, for one thing, and the inflation risk for the future is also not very good. Therefore the Government needs to maintain vigilance over prices, especially during the changeover period."@en1
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