Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-245"
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"en.20080709.27.3-245"2
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".
The Schmidt report is the annual pat on the back given by Parliament to the European Central Bank for its benevolence.
As usual, it seems to miss the key point: the dreaded margin squeeze that is crushing Europeans’ purchasing power and for which the ECB and the European Union are partly to blame. No one believes that the official inflation figures (3% for 2008, according to the report), which are merely composite indices, reflect the reality of the rising cost of living for citizens, especially for commodities, energy and housing. Everyone recalls the statements made by the ECB authorities, warning against the inflationary effects of wage increases, as if the salaries of those same Europeans were not subjected to constant downward pressure because of unfair global competition and the immigration policy promoted by the European Union.
With regard to the highly overvalued euro exchange rate, it is true that it is sparing us the worst in the face of rising oil prices. However, it is threatening the competitiveness of many industries which are tempted to relocate, as Airbus has done, to the dollar zone.
We therefore cannot support this mutual back-patting."@en1
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