Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-03-14-Speech-3-336"
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"en.20070314.23.3-336"2
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"Mr President, Commissioner, I too should like to thank the Commission for having opened this debate on the EU’s trade defence instruments, and I should also like to congratulate Mr Guardans Cambó on having offered us the opportunity to debate the subject today.
What I find striking about the Commission’s questionnaire, or, more broadly speaking, about all its thinking about trade policy, is the lack of any reference whatsoever to the issue of the euro exchange rate against the currencies of our main trading partners. I want to know from Commissioner Mandelson just how he thinks the European Union’s trading interests can be effectively defended when the euro stands as it does against the dollar, the yuan and the yen?
If, then, I may take the example of the aerospace industry, which, with its plans for redundancies and cutbacks and its threats of farming work out and of moving it to other sites, holds the centre of the stage today, a ten-cent change in the euro/dollar exchange rate amounts to the loss or gain of a billion euros in Airbus’ year-end figures. Is it not the case that competitive currency devaluations on the part of our competitors are the most flagrant examples of dumping, the consequence of these being that Airbus, the flagship of European industry, now finds it does better to produce some of its aircraft outside the euro zone if it wants to be able to compete with Boeing? Just what we always wanted!
I would encourage Commissioner Mandelson to look to the European Central Bank and do something, today, about making it responsible not only when the euro’s value goes down but also when it goes up, for has the time not come for the Council and the Commission, by virtue of the powers accorded them by Article 111 of the Treaty, to at last discharge their responsibilities and enable us to equip ourselves with something we cannot do without – the general outlines of an exchange rate policy?"@en1
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