Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-13-Speech-3-047"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2005-04-13"^^xsd:date2
dcterms:Is Part Of	lp_eu:Meeting of the European Council (Brussels, 22 and 23 March 2005)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20050413.2.3-047"2
lpv:hasSubsequent	lp_eu:2005-04-13-Speech-3-0482
lpv:speaker	lp:Werner Langen2
lpv:spokenAs	substitute; Delegation for relations with the People's Republic of China (2004-09-15--2007-03-13)3 member_of_the_bureau; EPP-ED (2004-11-14--2009-07-13)3 substitute; Delegation to the Euro-Mediterranean Parliamentary Assembly (2004-12-01--2009-07-13)3 member; ITRE (2004-07-21--2007-01-14)3 substitute; ECON (2004-07-22--2007-01-14)3 unknown; Christlich Demokratische Union Deutschlands (2004-07-20--2009-07-13)3 member; Delegation to the EU-Turkey Joint Parliamentary Committee (2004-09-15--2009-07-13)3 substitute; Temporary committee on policy challenges and budgetary means of the enlarged Union 2007-2013 (2004-11-12--2005-06-08)3
lpv:translated text	"Mr President, Mr President-in-Office of the Council, Mr President of the Commission, the Stability and Growth Pact has been much praised. However, I am convinced that it was a very difficult birth and that the outcome is anything but satisfactory. I do not mean to detract from the achievement of Mr Juncker and Mr Barroso in reconciling national egotisms, but what has emerged is a medium-term nail in the coffin of the stability of the euro. We do not notice this now, because at the moment the USA and Japan are much deeper in debt. However, as soon as their debts are reduced, the stability and exchange rate of the euro will be called into question. Of course the 3% and 60% criteria have been maintained. However, there is no longer even any discussion of the fact that the resolutions of the Stability and Growth Pact state that efforts should be made to balance the budget. The very first test, when it came to the two large states of France and Germany, went wrong. If you fail to keep to a pact in difficult times, what justification is there for doing so in good times? I do not see this as a realistic concept. The difference between 0% and 3% alone makes EUR 250 billion in the eurozone. That is money which could have been used for short-term economic cycles, for natural disasters or for international obligations. By the time things had gone that far, it had all gone. That is why I believe that even the reference to the European Central Bank is insufficient, because, although the European Central Bank is independent, it is a subsidiary of the national banks. The European Central Bank has a governing council, but two-thirds of it is dominated by the governors of the national central banks. As long as the European Central Bank is not in a position to orientate its own refinancing business on whether government bonds in the eurozone have a good or a bad rating, it will be unable to help the euro achieve the necessary stability in the long term."@en1

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