Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-074"
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"en.20081117.21.1-074"2
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"Mr President, Commissioner Almunia, ladies and gentlemen, Economic and Monetary Union has added a new dimension to the European integration process. Its governance is based on two asymmetrical pillars: monetary union, which is federal in nature, and economic coordination, which is intergovernmental. Both must ensure the stability, growth, fairness and sustainability that our citizens demand.
The review of ten years of the euro area is positive. The proof lies in the fact that the euro is increasingly regarded as a refuge and place of security for Member States. However, we need to go further and expand its scope. We need to do this in order to confront the challenges of globalisation, climate change and population ageing, and also the current financial crisis which necessitates improvements in the way we operate. We also need to do this in order to tackle the spectre of recession which is emerging for the first time.
The euro cannot simply act as a safety anchor, but must also be an engine that can drive growth. The euro area and Economic and Monetary Union must be capable of responding to these challenges.
I must congratulate the rapporteurs on their excellent work and, in particular, thank them for having incorporated two of my proposals. The first was to introduce, in the definition of our monetary policy, together with the economic pillar and the monetary pillar, the need for a financial analysis in order to correctly define this policy. Its definition must take into account the transfer of monetary policy, the development of credit and financial assets, the characteristics of new products and the concentration of risks and liquidity.
Secondly, we must take account of the divergences between the Member States, which will increase with the enlargement processes. A ‘one size fits all’ monetary policy will not in many cases suit the situation of the various countries. It should therefore be adjusted by introducing financial facilities for those countries which may experience contractive effects due to the ‘one size fits all’ policy, given that the expansive effects can easily be corrected through fiscal policy."@en1
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