Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-05-31-Speech-3-205"
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"en.20060531.18.3-205"2
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"When the press announces that Otmar Issing is leaving the European Central Bank (ECB), but that the monetarist legacy will live on, it is merely confirming our view that monetarist guidelines continue to prevail and to guide the EU’s economic and social policy, regardless of who is in charge of the ECB.
As we know, and the Langen report confirms this, joining the euro requires ‘total compliance with the Maastricht criteria’, which implies meeting the requirements of the Stability and Growth Pact, and observing the guidelines of the European Central Bank, the European monetary authority whose decisions have an impact throughout economic life.
The report expressly states that ‘Euro changeover should not be tackled and projected as simply a technical change in currency but as a major conversion with significant economic, monetary and social effects’. It highlights Parliament’s maximalist approach, which is that the budgetary cycle at national level needs to be synchronised and based on the same prerogatives, namely the loss of monetary, and in turn fiscal, sovereignty.
Unfortunately, in Portugal we are very familiar with this situation and its effects, as confirmed by the recent spring 2006-2007 economic forecasts. The loss of monetary sovereignty has ramifications for the real convergence of economies, serving the economic groups, directly or indirectly.
Hence our opposition to this report."@en1
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