Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-01-16-Speech-3-132"
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"en.20020116.10.3-132"2
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"Mr President, Commissioner, there are two aspects of the introduction of the euro which have been mentioned by Commissioner Solbes and other speakers: the undeniable success and future prospects of the euro. I will use the short amount of time available to me to concentrate on the second aspect, for the euro really is an open door to the future. Indeed, I feel that, in addition to its great symbolic significance, the introduction of the euro will not bring immediate short-term effects for our economy or in terms of the rate of inflation; however I do feel that it provides Europe with a wonderful opportunity to develop in a climate of stability, particularly as regards the medium and long term. In the medium term, Europe has the problem of how to disengage its economy from the US cycle. Indeed, still today, European development is heavily influenced by exports and, therefore, to a great extent by US demand. This being the case, the current recession in the United States could impact on us rather than be offset by our capacity for independent growth. This capacity for development of internal demand can benefit greatly from the integration of monetary policy, but it does not depend on this alone. It needs to be boosted by an economic policy which combines monetary policy with fiscal policy and, most importantly, with a policy of research and innovative investment such as that outlined at Lisbon, although this policy has not actually been pursued.
The problem exists in the longer term of the euro as a potential world-wide reserve currency on an equal footing with the dollar. A Parliamentary resolution has already pointed out that the central guideline for the exchange policy should not be a strong or weak euro but a stable euro, varying, of course, within a range in a way that is not destabilising. To this end, it will be necessary, sooner or later, to promote some form of agreement between the US and European monetary policies for our mutual and shared benefit. It is true, then, that the euro does represent a major opportunity, but it is an opportunity which has not yet been exploited. This potential role – as the previous speakers have said too – must be fully realised by politics, by Europe’s political capacity, by a government responsible for the economy which promotes the conditions for autonomous development within Europe and which ensures effective management of exchange outside Europe."@en1
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