Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-12-15-Speech-2-113-875"
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"en.20151215.3.2-113-875"2
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"The completion of Europe’s economic and monetary union raises a number of serious concerns and is a matter which all Member State governments should be very attentive to.
On a wide scale it is designed to undermine the principle of subsidiarity and to strip Member States of their decision-making competencies in key economic areas.
As part of this package, Member States are required to set up National Competitiveness Boards.
However, Competitiveness Boards are a dangerous solution addressing the wrong issue. With euro-area exports exceeding imports by more than 3% of GDP, the euro area is not suffering from a lack of competitiveness. The euro area’s main problem is the (private) debt overhang inherited from a financial market-driven boom that went bust.
This cannot be addressed by trying to export our problems to the rest of the world. Squeezing wages will make matters worse by undermining internal demand and by triggering deflation. Meanwhile, export market gains will eventually be neutralised by currency appreciation or by weakening of the euro area’s trading partners’ economies. The focus on (cost) competitiveness is short-sighted.
Establishing a system of Competitiveness Boards will contribute to further imbalances at the expense of social cohesion."@en1
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