Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-09-09-Speech-3-845-000"

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"Mr President, as far as jobs go, there is an elephant in the room, although not – unless I blinked and missed it – in the rapporteur’s report: the disastrous currency zone of the euro is surely a major factor behind high unemployment in the EU. Unemployment is highest and job creation lowest in the countries least suited to being in a currency zone dominated by Germany. Countries like Greece and Spain needed their own currencies so they could depreciate to protect activity levels in the worst of the crisis. The euro meant they could not do that, so activity levels collapsed, taking jobs with them. Thanks in part to the recent application of quantitative easing (QE), there has been some softening of the euro, but there is, of course, no chance of Greece or Spain depreciating against Germany. When the German economy is going full pelt again, no doubt there will be pressure for QE to end, interest rates to rise and the euro to rise again in value. For southern Europe the era of mass unemployment is here to stay for as long as the euro is."@en1

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