Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-02-19-Speech-2-252"
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"en.20080219.30.2-252"2
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"Mr President, the financial crisis and the tightening of money markets has spilled over into the real economy, and presents a serious problem that needs considered action. The Financial Stability Forum has stated that we are likely to face a prolonged adjustment that could present difficulties.
Euro area growth will see a marked slow-down in 2008. The President of the Euro Group, Mr Jean-Claude Juncker, has forecast growth to be between 1.6% and 1.8% this year, which is a drop of a full percentage point over last year. The protracted and sustained rise of global commodities presents further difficulties for the European economy, with the price of oil, steel, minerals and basic agricultural products all rising to unprecedented levels, adding to inflationary pressure.
The euro has strengthened at a time of a weakening dollar, which is impacting further on global imbalances and European competitiveness, and all these factors are creating a very difficult monetary and fiscal policy environment. But, lest we become depressed, let us examine how far we have come. Sixty million Europeans died in the first half of the last century. The Berlin Wall fell in 1990 and we are still in the embryonic stages of integration.
Despite that, if we look at the success of the euro, and in general the success of the European Central Bank and its inflation targets and low interest rates, we can see that despite all these difficulties we can overcome, and we can achieve the objectives we set ourselves. I would therefore ask the Commission to please plough ahead with its 10-point plan and to make competitiveness its byword. Up to 12 million jobs have been created since the introduction of the euro. Please promote entrepreneurship. Make creating a job the most profitable thing a citizen of the European Union can do. This will deliver people out of poverty and out of misery."@en1
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