Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-05-17-Speech-3-063"
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"en.20000517.4.3-063"2
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"Mr President, ladies and gentlemen, our reservations about Greece’s accession to EMU are not a matter of principle; they are based on actual facts, as regards both EMU in general and the Greek economy. As far as EMU in general is concerned, we are in favour of real economic and monetary union. Unfortunately, this union is only monetary, not economic. It is MU, not EMU. We know that EMU was created prematurely for political reasons which date back to the events of 1989 and 1990, which is why the child, the euro, has been delivered early and is languishing in an incubator. This is the opinion expressed by the Nobel prize-winning economists Friedman, Tobin and Modigliani. The creation of EMU was not preceded by an agreement on the economic policy which the Member States had to follow. Only now are the Commission and Council trying to outline common policies for certain economic problems such as unemployment and competitiveness. But the road is long and full of adventures, as the poet says.
The Goebbels report tells us that Parliament’s reply cannot but be a political one and assures us that Greece’s accession to the euro zone does not involve any political risk. However, the report adds that there are economic risks and that they are greater in the case of Greece than in the case of other countries belonging to the euro zone. We agree. There is no danger to the economies of the other 14 Member States. Of course, I have trouble understanding how anyone can distinguish so easily between political and economic risks, but we shall let that pass.
As far as Greece is concerned, our reservations concern the economic risks mentioned in the report. The sole aim of the economic policy pursued by Greece over recent years has been to satisfy the convergence criteria. Efforts have focused on improving indicators, not real economic quantities. The competitiveness of the economy has not improved and unemployment continues to rise. The structural changes needed have not been carried out and privatisation has been presented as the new panacea for development and prosperity. Wage differentials have been sacrificed to indicators and are increasing, and, as a result, the figures are doing well while the people are suffering, however.
In all honesty, the Goebbels report says that, as regards convergence, all EU governments are required to produce results but are free to choose the means of achieving it. It is therefore the Greek government’s choice of means which we object to. The means chosen were neither economically suitable nor socially just. The rich got richer and the poor got poorer. In joining EMU, we are jumping in at the deep end and hoping for the best."@en1
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