Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-11-13-Speech-1-083"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20061113.16.1-083"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, Commissioner, it gives me great satisfaction to announce my support for the European Commission’s presentation of the first annual report on the situation in the euro zone.
The report provides a good basis for discussing the main challenges facing the euro zone now and in the coming years. There is plenty to discuss. The average growth rate in the euro zone in 2001-2005 was a mere 1.9%. Unemployment rose to 13 million, and the situation with public finances got worse, rather than improving.
Last year did bring a slight improvement in the situation, as you were kind enough to confirm, but this does not change the fact that Europe is falling further behind not just the United States and Japan, but also the Asian boom countries. Unresolved structural problems lie at the root of European stagnation. The high cost of setting up and running a business, high overheads on labour costs, reluctance to innovate, and the maintenance of harmful barriers to the labour market and the services market all reduce the competitiveness of European firms, holding back growth and increasing pressure on public finances. It prevents us from making full use of the opportunities offered by a common currency and a uniform monetary policy.
I therefore call upon the European Commission to put pressure on the Member States to speed up implementation of the necessary reforms. The need for this has been demonstrated in numerous reports and studies, including the Shapiro report and the high-level report made under the chairmanship of Wim Kok.
Macroeconomic policy in the euro zone needs to be improved. What is missing above all is proper coordination of fiscal policy among the Member States. At the same time, the common currency requires fiscal discipline which needs to be observed jointly by all Member States. This will make it possible to balance macroeconomic policy and to restore a proper policy mix.
Monetary policy needs to be based on clear, transparent rules, and must be more forward-looking in character. Excessive secrecy in decision-making, lack of clear regulations on the role played by the ‘two pillars’ of monetary policy, particularly the M3 monetary supply, which create serious doubts regarding the rules for appointing members of the board of the European Central Bank, all restrict the effectiveness and transparency of the common monetary policy, and may undermine the position of the common currency.
A substantial element in strengthening the euro zone is expanding it and taking on new members. In this process we must observe the rule that candidates are bound by the treaty, the whole treaty and nothing but the treaty. This means that they must meet the criteria set out in the treaty, but also that additional requirements cannot be imposed upon them. I am convinced that the accession of new euro zone members, whose deficit and public debt levels are often much lower than those of the other Member States, will help to strengthen the euro zone.
In conclusion, I would like to thank Mr Juncker, the president of the Euro Group, for taking part in our debate, and hope that it will inspire him and help him to manage the Euro Group even better. I would also like to thank Mr García—Margallo y Marfil for preparing this excellent report, and give my full agreement to the majority of the proposals made in it."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples