Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-03-Speech-3-183"
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"en.20011003.6.3-183"2
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"Mr President, Minister, Commissioner, the present political situation in the world, and the war against terrorism that has begun, have a host of features that are creating long-term uncertainty for the EU economy. That is why economic policies to create confidence will perhaps have an unparalleled impact on the behaviour of consumers and investors, and, hence, on how long the period of slower growth will last. There are also certain positive signs, from the point of view of restraint and the stability of currency values. The price of crude oil is falling rather than rising and the US Federal Reserve and the European Central Bank have, since 11 September, been taking prompt action and acting in accord with one another. Now, after the Federal Reserve’s drop in interest rates yesterday, all eyes are on the ECB. It is no good waiting. May the approach to the solution remain in the hands of the independent ECB, but the future of the policy on interest rates in Europe must also be made clear quickly.
Firm commitment on the part of every country to the Stability and Growth Pact will create just the sort of confidence the pact itself seeks and the economy now needs. Budgetary discipline must not be allowed to slacken in the EU countries on any pretext, not even on account of any possible expenditure to increase internal and external security. Equivalent savings will have to be found: we cannot rely on some hoped-for continued growth of income.
Switching to the euro will mean slightly increased costs for all points in the production chain. There is no denying that. However, they will be one-off increases and will only raise prices slightly. They should not be used for scaremongering and thereby increase inflationary pressures.
The best long-term policy for stability and growth now is to adhere closely to the decisions of the Lisbon Summit and make the European Union the world’s most competitive area, removing internal barriers to competition and giving encouragement to innovation and research and development. The commencement of a new round of WTO talks is now vital for international cooperation in matters of the economy to steadily gain strength."@en1
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