Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-11-Speech-3-277"
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"en.20070711.27.3-277"2
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".
Madam President, it is not governance that the Union needs, but political action on its economies in order to promote a form of growth that creates stable and, above all, well-paid, jobs. The European Central Bank is harmful because its sole aim is to have the lowest inflation rate possible, when it should include structural policy elements such as growth, as the US Federal Reserve does.
Creating the euro without implementing, at the same time, a federal budget at the level of the Member States concerned has resulted in the demise of the instrument of devaluation, without any other protection methods having been provided. The undervaluation of the dollar is, from this point of view, a weapon for the mass destruction of Europe’s industrial capacities, and your self-satisfied speeches cannot disguise this reality of the exorbitant and unbearable cost of the overvaluation of the euro. Europe’s workers and citizens are paying a very high price for this mistake.
The Eurozone can no longer function in its current state; we must, as a matter of urgency, resort to a change in the statute of the European Central Bank and in the organisation itself of the euro. We must, as a matter of urgency, have recourse to customs protections. It is time to implement industrial policies that ensure that the vital interests of the people of Europe are protected and that enable jobs to be created and the common interests of European workers to be protected."@en1
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