Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-11-19-Speech-5-062"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"1999-11-19"^^xsd:date2
dcterms:Is Part Of	lp_eu:Shipbuilding2
dcterms:Language	"fi"^^xsd:language2
lpv:document identification number	"en.19991119.4.5-062"2
lpv:hasSubsequent	lp_eu:1999-11-19-Speech-5-0632
lpv:speaker	lp:Esko Seppänen2
lpv:spokenAs	unknown; Vasemmistoliitto (1999-07-20--2004-07-19)3 substitute; BUDG (1999-07-21--2002-01-14)3 member; Delegation to the EU-Russia Parliamentary Cooperation Committee (1999-09-29--2002-01-14)3 member_of_the_bureau; EUL/NGL (1999-10-13--2004-07-19)3 member; Committee on Industry, External Trade, Research and Energy (1999-07-21--2002-01-14)3 substitute; Delegation to the EU-Estonia Joint Parliamentary Committee (1999-09-29--2002-01-14)3
lpv:translated text	"Mr President, the problem we are discussing is a product of globalisation. The South Koreans have, in six years, trebled their shipbuilding capacity. They have not done it with their own money, but with loans. American loans were pressed on them, and the American banks did this in order that they might receive back the largest possible profits. Later the South Koreans left these loans, which had been pressed upon them, unpaid. The debts, however, were guaranteed, so that the International Monetary Fund sent South Korea money to pay off the American banks. In other words, the IMF has itself contributed to the current situation. The South Koreans were also advised to devalue their currency, as it was a way for them to free themselves from this economic crisis that we have caused them. They have devalued their currency by many tens of per cent and, as a consequence, their prices have become more competitive. They did not have to cut wages to reduce their price competitiveness; they only did what we advised them to do, which was to devalue their currency. South Korea is thus operating in a world that we have made for them. All those politicians who are now complaining about the problems South Korea has caused us are wrong if they claim that globalisation is irreversible and that we can do nothing about it. Globalisation is something which politicians can do nothing about if they do not want to. If pay in South Korea has gone down from six euros an hour to four euros an hour, it is not the South Koreans who are to blame. We are to blame, because we caused the economic crisis in South Korea. Now that crisis is simply spreading from South Korea to our shipyards. I hope that politicians will show more credibility in this matter and look into the basic causes of the problem, and not just those effects which have been spoken of a good deal here. We have wanted to ease the effects of the problem, but that will not happen if we do not do anything about its causes."@en1

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