Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-24-Speech-5-028"
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"en.20090424.3.5-028"2
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"Madam President, electronic money that can be used across borders represents considerable progress. It is important for the EU to improve the internal market in this way by promoting its use. However, I would like to take the opportunity to recall what it is that we are actually talking about.
When we introduced the euro in a large number of European countries, it was based on the analyses carried out on the value of a monetary union. The value is that we reduce the costs involved in exchanging money as well as other transaction costs. We reduce information costs by having a common currency. The price that we pay for this is to have more unstable economies. It is more difficult for us to maintain even and high rates of employment and to maintain stable state finances. We are seeing this right now as everything is going pear-shaped in this regard in countries such as Ireland, Spain, Italy and Greece.
Take note, then, that the victims should be counterbalanced by the benefits gained in lower transaction costs as a result of a common currency, but the benefits are continually diminishing precisely because progress with regard to the payment system is so rapid. Within a short time, we will be in a position where we find that we have such an effective payment system that the costs have become negligible. Then we will have a common currency that actually only guarantees us instability in our European economy. This is something I have said before and now you can see it happening. I urge you all to reflect on this."@en1
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