Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-10-08-Speech-3-068"
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"en.20031008.7.3-068"2
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"Mr President, the Brussels European Council should, in line with the Italian proposal, examine the idea of a programme of major works to stimulate growth. In principle, we are in favour of these projects, which should focus not only on transport but also on the environment, telecommunications and research and development, as set out in the Franco-German initiative. Indeed, we believe that these works should – in principle – eventually improve productivity in the internal market. They should – also in principle – be eligible for part-funding by borrowing because they will benefit future generations, on the condition, however, that we do not allow debt to get out of control. This, though, is where the problem lies. We have serious doubts as to the ability attributed to these projects to stimulate growth.
First of all, of course, there will be delays in implementing the projects, but this is not the key issue. The key issue is that their benefits will be impeded, or even cancelled out by the problems holding back growth in Europe and which have almost brought it back to zero. There are first of all structural constraints, such as the reduction of the working week in France, which are not being corrected as rapidly as they should be. We then have the phenomenon of industrial and agricultural relocation that is causing problems for Europe, a phenomenon that we have condemned since the Uruguay Round and which is now growing worse, with terrible consequences for growth and employment.
The third factor that is pushing us towards a situation of zero growth are the rigidities of monetary union, which admittedly provides some advantages, such as eliminating national currency fluctuations, but which also has disadvantages, such as eliminating a decentralised and flexible form of monetary management only to replace it with a centralised and uniform system. Even in the context of the current system, we should at least try to conduct a more active currency policy that punishes our economy less. In any event, Mr President, unless these three serious obstacles to growth are removed, major works will not stimulate growth and, even worse, will put us in debt for no good reason."@en1
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