Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-11-Speech-3-259"
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"en.20070711.25.3-259"2
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"Mr President, I am pleased to present the second ever report of the European Parliament in response to the Annual Report of the European Commission on the Eurozone. The Commission’s report presents the economic situation in the Eurozone in 2007.
The results of the report are cause for satisfaction. The economic growth rate in the Eurozone rose to 2.7%, which is the best result since 2000, whilst unemployment fell to 7.6%, the lowest in 15 years. At the same time the Eurozone has become an increasing factor in stabilising the world economy.
This generally optimistic picture, however, should not conceal some negatives, and these are what we focus on in our report. Firstly, the rate of fiscal adaptation, particularly in countries with large budget deficits, is too slow, bearing in mind that the stability and growth pact obliges Member States to maintain as balanced a budget as possible in the medium term. That involves building up a budget surplus in good times to have a financial reserve for times of recession. In this context we are critical of the behaviour of some Member States who are not making use of the current period of growth to implement the necessary cuts in public spending.
Secondly, Parliament points out that the good average results for the whole of the Eurozone cover up substantial differences in the economic situation from one Member State to another. Of particular concern is the declining international competitiveness of some countries’ economies, most frequently due to wage rises in excess of the increase in productivity.
Thirdly, we call for a continuation of the structural reforms required by the guidelines of the new Lisbon Strategy. We have to increase the speed at which the remaining barriers in the markets for goods and services are removed, and help further integration of the labour and financial markets, which will become an important element in the proper functioning of the Eurozone. We would like in particular to draw attention to the speedy implementation of the services directive, which has brought accelerated growth in labour productivity and cut inflation in the services sector. This is particularly important, as services make up 70% of the GDP in the Eurozone.
Fourthly, Parliament stresses the importance of further extending the Eurozone to strengthen economic and monetary union and the common currency. We are pleased at the decision to accept Cyprus and Malta into the Eurozone, and look forward to other states joining it in the not too distant future. We would like to point out that the process for ascertaining the readiness of countries applying for the Eurozone should be transparent and based on uniform criteria, whose economic rationale and political importance should be in no doubt.
In this regard we call upon the Commission and the Council to start a serious debate on the nominal convergence criteria.
Finally, I would like to emphasise the importance of good governance and intensified policy coordination in the Eurozone. We need this if we are to make full use of the opportunities provided by the common currency. I am pleased at the decision taken by the Euro group in April this year to adopt benchmarks for the fiscal policies of Member States. We expect the implementation of these decisions to be closely monitored. I would like to take this opportunity to assure Mr Juncker that in this matter he has the full support of Parliament.
I would also like to congratulate Commissioner Almunia on preparing the Commission’s second report on the economic situation in the Eurozone and express the wish that the reports prepared in coming years bring just as good news as this one."@en1
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"Dariusz Rosati (PSE )"1
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