Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-251"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-09-24"^^xsd:date2
dcterms:Is Part Of	lp_eu:Situation of the world financial system and its consequences on the European markets (debate)2
dcterms:Language	"lv"^^xsd:language2
lpv:document identification number	"en.20080924.31.3-251"2
lpv:hasSubsequent	lp_eu:2008-09-24-Speech-3-2522
lpv:speaker	lp:Roberts Zīle2
lpv:spokenAs	substitute; ITRE (2007-01-31--2009-07-13)3 member; TRAN (2007-01-31--2009-07-13)3 substitute; Delegation for relations with Australia and New Zealand (2007-03-14--2009-07-13)3 member; Delegation to the ACP-EU Joint Parliamentary Assembly (2004-09-15--2009-07-13)3 vice-chair; UEN (2007-07-20--2009-07-13)3 unknown; Tēvzemei un Brīvībai/LNNK (2004-07-20--2009-07-13)3
lpv:translated text	"I think that we can use a familiar phrase to describe the situation on the financial markets: ‘the party is over, and now it is the morning after.’ Somebody will pay dearly for the upset stomach, but, of course, there are some states and businesses that will profit from this extremely bad situation. In other words, there are several energy resources and particularly developed states and businesses that shifted their extra profits in that direction, and this will clearly also change the centre and balance of political influence in the world. In Europe, in my view, it is the small, new EU Member States that are the most vulnerable in this situation. Mistaken structural and taxation policies at a time of high economic growth are now creating obvious economic and social threats in most of these states, including in my own, Latvia. The large volume of domestic private loans in euros from banks in euro area states, the large proportion of non-resident money in the banking sector and the rapid increase towards the levels of European average wages expressed in euros may lead to a revaluation of national currencies. In that case, long-term repayment to financial institutions in the euro area may become a new burden for the citizens and businesses of those Member States. If a national currency’s exchange corridor is widened with respect to the euro, then inflation, which is already high, may gain ground and further postpone the entry of the new Member States into the euro area. If the total amount of private loans in payments to the bank adds up to a two-figure percentage of GDP, then the citizens of those states will not be optimistic. This will instead create pronounced political pessimism and will impact on public opinion regarding the European Union as an institution, with all the attendant consequences for Parliament, too, in political terms in the new Member States."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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