Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-11-Speech-3-266"
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"en.20070711.25.3-266"2
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"Mr President, Commissioner, let me start by thanking the rapporteurs, Mr Mitchell and Mr Rosati, for their work. With single monetary policy set by the ECB and the euro as a single currency, the Member States in the Eurozone have achieved the highest conceivable level of integration in the area of monetary policy. Unlike the common monetary policy, economic policy is not set at Community level, and so economic policy decisions remain in the hands of the national governments and parliaments.
A high level of long-term economic convergence within the Eurozone countries is a prerequisite for a strong, stable European currency. So I am delighted by what Mr Juncker and Mr Trichet have said today. A lot has been published in the press over recent weeks, and even at the start of this week. It can be summarised in just one line: the mountain laboured and gave birth to a mouse.
I am pleased that you have been so clear and firm in your statements, but I think that discussions will continue on how the euro and the criteria that shape it will develop in future. This discussion will require all participants to stick firmly to their guns.
As a representative of the younger generation, I would urge all Member States in the Eurozone not to give up on their efforts to consolidate and to apply budgetary discipline in their national budgets. In this context, I would like to quote Montesquieu, who said that what counts is applying 'the spirit of the law'. The terms of the Treaty on economic and monetary union must be respected, even if the governments have changed. Here Montesquieu's excellent advice should definitely be applied lock, stock and barrel. For example, if one Member State that has produced a lot of inflammatory material in the last few weeks were to change tack, then other, more northerly Member States would follow suit, with disastrous results for consolidation and budgetary policy in the European Union.
For that reason, Mr Juncker and Mr Trichet, I urge you to be tough, to stand firm – do not allow anyone to alter your course in the coming years."@en1
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