Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-16-Speech-2-526-000"
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"en.20130416.50.2-526-000"2
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"Madam President, the eurozone and the ECB are not a solution to the difficulties of the European Union; they are part of the problem. During the early years of the eurozone, northern Europe needed low interest rates to improve its growth. However, those low interest rates caused a property boom in Spain. When that boom came to an end, the banks found that they had insufficient security for their loans.
In 2011, the ECB conducted two distinct and contradictory interest rate policies. The answer is that a common interest rate, like a common currency value, cannot be appropriate for 17 different economies. The report suggests that there ought to be wage increases in the north of the EU in order to stimulate aggregate demand in the south. However, would you encourage employers to increase wages above the market rate? They will certainly not be encouraged to do so when there is a plentiful supply of labour resulting from an open-door policy on immigration, nor will they do so when they have the freedom to export jobs to the Far East by relocating industry."@en1
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