Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-059"
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"en.20081117.21.1-059"2
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".
Mr President, I would like to welcome the representatives of the Euro Zone, the Prime Minister and the Commissioner for Economic and Monetary Affairs. Taking stock overall, I think we can say that, in its first ten years, the euro has been an unqualified success. It did not all go completely smoothly, but, particularly during the recent crisis in the financial markets, the institutions have proven their worth. On the basis of institutional cooperation within the Euro Zone, decisions could be drafted quickly, implemented promptly and, in particular, act as examples for all 27 Member States.
We have presented a report containing 62 detailed points, including an assessment of the past and prospects for the future. Mrs Berès has already talked about certain points concerning the outlook for the future, and I would like to expand on them. Behind all the positive responses to the euro, there is still the question of what is to happen next. Are the Euro Zone and the European Central Bank prepared for the forthcoming challenges? There will certainly be one challenge or another that will need to be analysed. I would like to remind you of the differences in the development of competitiveness in the Euro Zone, because the secret is that, although we have a central monetary policy, we have local budgetary and financial policies. The Stability and Growth Pact can only act as an anchor between these two levels if the Member States are prepared to stick to the pact, to accept the conditions and to demonstrate the necessary discipline. The Stability and Growth Pact is therefore now facing its first big test, in the form of the handling of the financial crisis. In my opinion, it has the necessary flexibility, and there can in any event be temporary exceptions in extreme cases, but the Stability and Growth Pact cannot be just set to one side.
The other question is what is to happen next with regard to debt. The package for the financial markets was wrapped up quickly, the governments took action, and there was a demonstration of an ability to act in a crisis, including by the Commission, but the question is, are we now going to cast aside the principles that have contributed to the stability of the euro, or are we going to succeed in developing and maintaining those principles?
On top of that, we have made myriad proposals that, due to the short time I have surprisingly been given to speak, I cannot and will not enumerate. The fact is, though, that we need a more authoritative and unified external representation of the euro – in which respect we fully share the position taken by the Prime Minister of Luxembourg and President of the Eurogroup. I was amazed that Mr Juncker, as President of the Eurogroup, was not invited to the most recent summit in Washington. I can say that quite openly, because it is such a contrast with all the positive developments. Naturally, we also want the European Parliament to be appropriately involved, and there is one item on the agenda that we have been debating for a long time, namely the issue of whether it is enough to increase coordination of budgetary and financial policy or whether – as France believes – it is not enough and we need, instead, to provide an institutional form of ‘economic government’, which is so controversial in Germany. Which is the right path to take? For my group, the answer is clear: we do not need economic government, but we do need greater coordination, including with regard to the agreed policy mix. We also, however, need the Member States to show the necessary discipline, otherwise the euro may find itself in difficulties over the long term, and nobody wants that.
Many thanks to all those responsible. Parliament is prepared to cooperate closely, and we are sure that we will be able to set the tone with this report."@en1
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