Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-05-17-Speech-3-026"
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"en.20000517.2.3-026"2
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"Mr President, as everyone is pointing out, the euro has just lost almost 30% of its value in sixteen months, but the European Commission, like the Central Bank, does not seem to be in much of a hurry to learn the lessons of this experience, as that would be liable to challenge the current monetary policy which benefits only stock exchange transactions and speculation.
The ambition to achieve full employment and a modern economy, as declared in Lisbon, are indeed laudable objectives, but they are now effectively coming up against the liberal yoke. In its document on the broad economic guidelines, the Commission pursues this liberal approach, and these guidelines now represent the reference text for the coordination of economic policy in the Member States. The Commission, indeed, shows no compunction in issuing orders to this or that State with a view to drawing up its budget. It clearly stresses the target of budgetary streamlining, even going beyond the requirements of the Stability Pact. Following the example of the Central Bank, it demands wage moderation as well as structural reform of the labour market, especially in order to make it more flexible.
The Committee on Economic and Monetary Affairs’ report is in line with this approach and with the continuation of the Lisbon decisions. It advocates accelerating the liberalisation process as well as the process of applying pressure to wages. It proposes increasing the flexibility of the labour market. This is why I am unable to approve of the guidelines contained in this report, especially when made exacerbated by the many amendments introduced by the right wing.
The current economic situation, particularly with the decline in the euro, ought to lead the Union and the Member State governments to strive towards the reorientation of European policy, so as to enable it at last to fulfil expectations regarding social issues. We must shake up the dogma of the Stability Pact. We must reverse the current approach, which makes social policy nothing more than a consequence of economic and monetary policy, responsible only for making good the damage caused by the market by means of a policy of aid. This new policy should be particularly based on support to investment that creates jobs by means of a selective policy of credit, the improvement in living and working conditions and a reduction of working hours without flexibility or increased precariousness, taxation on income and financial measures to curb speculation and to release new resources."@en1
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