Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-019"
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"en.20080709.2.3-019"2
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"Mr President, Mr Trichet, Mr Juncker, I should first like to thank our rapporteur for his excellent work. I think the contributions everyone has made have produced a result that makes the situation clear; the message might be a little vague, but I think it has useful elements.
Mr Trichet, everyone was impressed by your speeches in the summer of 2007. We appreciate the fact that you reported immediately to the Committee on Economic and Monetary Affairs. Now, however, you have increased the rates in a climate in which we all believe that the crisis is not behind us and the bad news, including that from the major European banks, is still to come.
When we saw you last December, you told us that you were basically expecting 3% inflation in 2008 and then things would calm down. Now inflation is at 4% and you are telling us you have increased the rates by a quarter of a point and that is it. With imported inflation though, if your strategy is actually to remain so vigilant on price stability, will you be able to stick to that in the short and medium terms, with the risks we are aware of for growth and so for employment?
It seems to me that the phenomenon Mr Turmes has referred to, which we might describe as the European Union entering the second phase of globalisation, is leading us to reassess the tools we had at our disposal to deal with the first phase of globalisation. That first phase favoured price stability, or at any rate a reduction in the prices of consumer goods, connected in particular with relocation.
Now, in this new phase, we have a new balance and a new model in which what were previously emerging countries are now fully established, also in their access to raw materials, with the effects on prices that we are aware of.
In these circumstances therefore – and I am addressing my remarks both to Mr Trichet and to Mr Juncker, since Mr Juncker rightly draws attention to the competencies of the Eurogroup and ECOFIN in this area, but they never come to this committee or to Parliament – is not the fundamental issue at the moment the exchange rate ratio, the buying of oil supplies in euros and the ability of the European Union, particularly its euro zone, to speak with one voice, so that, ten years after changing to the euro, we can at last contribute to a coordinated and responsible dialogue between the main world currencies to secure the best exchange rate for our growth?"@en1
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