Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-03-Speech-3-180"
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"en.20011003.6.3-180"2
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"Mr President, yet again the European Union is not keeping pace with the situation in Europe, as it wishes to keep European economies within the shackles of the Growth and Stability Pact. We all know that the criteria of this Pact are now completely obsolete.
The Growth and Stability Pact is dead, Mr Von Wogau; it did not die in New York. It was killed off by the European Central Bank. The Bank’s policies were always out of line with reality. Its forecasting errors are now legendary, and it has an irrational fear of inflation. We are all aware of the results. We have to contend with the highest interest rates in the world, a consistently weak euro and the threat of recession. The outcome of pursuing monetary policy in the manner of a frightened old man is clear. Sooner or later, governments will be forced towards budgetary expansion. It would be ridiculous now to blame them for doing this. Many members of the committee have made this abundantly clear in all our conversations (if you can call them that) with Mr Duisenberg.
Once again, the European Union is unworthy of the powers it has assumed from legitimate governments. It has proved this by failing to order (this is a euphemism) the European Central Bank to make available to the countries of the euro area the resources entrusted to it by Member States. As far as we know, the ECB does not own Europe’s currency and should not act like Scrooge. I would also like to point out in passing that it is unacceptable for the ECB to decide whether or not to issue euro notes and coins before 1 January. I have to say that I really cannot understand why some governments do not wish to take the initiative and bring the date of distribution forward.
Yet again the European Union cannot keep pace with its ambitions and assertions. It has failed to take up a position at the forefront of the drive to promote economic growth and employment. This is the only battle that matters to the people of Europe.
Lastly, Commissioner, Madam President, let me add that the hypocrisy surrounding the issue of the Tobin tax added nothing to the intellectual standing of the European Union. For once, the European Union had the opportunity to show that it intended to have an effect on world affairs, to become more than what it actually is, simply one more piece of the jigsaw of liberal globalisation."@en1
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