Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-23-Speech-2-134"
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"en.20011023.6.2-134"2
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".
The Goebbels report on how to avoid international monetary crises is, on the whole, accurate, reliable and reasonable. We are simply surprised that the report does not mention the euro once and that it does not reiterate the (very serious) argument that has been put forward before, whereby the euro, which is soon to become a major international currency, would control the dollar by forcing the US monetary authorities to abandon their policy of ‘benign neglect’. It is true that the dissident analysts believed, on the other hand, that a dollar/euro bipolar (or tripolar, if you count the yen) international monetary system risked being more unstable than the previous unipolar (or bipolar) system. At any rate, this was an interesting debate, which should have fallen completely within the scope of the Goebbels report, having the added advantage of experience on its side, since the euro has been in circulation for almost three years, on the international currency markets at least.
Yet, the rapporteur carefully avoids this question. Why is this so? Simply because the theory of the euro having a stabilising effect, like that of the euro having a destabilising effect, was based on the same hypothesis, namely that the euro was to quickly become the second international currency, next to, if not equal to, the dollar. This is far from being the case.
Not only is the euro not a major currency, but its value has depreciated, it is permanently on the verge of a crisis of confidence, and its international role is not progressing. And, on top of that, we are heading towards unavoidable problems between the Member States! If the European Union had not obeyed those with dogmatic views, if we had gradually developed the ECU whilst respecting the national currencies, the process would have been safer and more straightforward.
To sum up, the experience of the last three years confirms what we always believed: a wrong move in European monetary unification will actually make life much easier for the dollar. In spite of the recent attacks, the good health of the latter also seems to be further evidence of this. We understand why the rapporteur does not wish to dwell on the subject."@en1
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