Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-14-Speech-1-147"
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"en.20100614.23.1-147"2
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"Madam President, may I thank the rapporteur for a very fine report. I can support him in the general thrust of his comments and also in the concerns that he raises.
Can I say in particular that we are able to admit Estonia to the euro area because of sacrifices made by the Estonian people and the leadership given by the Estonian Government and Parliament. This leadership goes beyond simply putting their house in order and making the sacrifices that go with that. While some of us are licking our wounds, being very uncertain about the future and wondering about the eurozone, here is this small country showing the way. It is a beacon not just for the other countries in that region that aspire to join the European Union, but a beacon for the whole of Europe to reinforce our confidence at this difficult time which will pass.
I would like to remind the House while I am on my feet that, during the first 10 years of the euro, 16 million jobs were created within the European area – many more jobs than were created at the same time in the United States. This really is therefore an endorsement of the whole project at a time when it needs endorsement by a courageous parliament, courageous government and courageous people. I welcome Estonia and I think they are doing the right thing.
The experience from my country – another small country – has been almost entirely beneficial. Think about where small countries would otherwise be. Where would we be if we did not have the European Central Bank and the Commission and the fellowship of the eurozone ministers in these difficult times? We would be truly lost.
Two points I want to raise concern the issue of boom-bust cycles, which has to be addressed and does need to be monitored, and that of asset inflation. I was raising this with the President of the European Central Bank for two years before it became popular to talk about it. The Commission and the ECB have to somehow come to terms with how low inflation and low interest rates also give asset inflation. There has to be some way of dealing with that.
I am glad to support the general thrust of the rapporteur’s report."@en1
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