Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-07-05-Speech-2-126"
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"en.20050705.23.2-126"2
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"Madam President, the euro was originally intended to enable the public to identify more with the EU and to usher in a new era of economic growth, but far from that being the case, it still does not enjoy full acceptance and, by cranking up frustration with the European Union, has had precisely the opposite effect. What prompted this downturn was, initially, the fobbing off of public criticism and rejection with the promise of a hard currency and the introduction of the so-called Stability and Growth Pact, the economically and legally dubious means whereby one was meant to be created. To date, only Luxembourg and Switzerland have been able to do anything like meet its convergence criteria.
In order, nonetheless, to be able to participate in the common currency, countries sold off their gold reserves and state property on a large scale, going through the motions of privatisation, divesting and indulging in a great deal of cosmetic budgeting. The result of all this was massive price rises in most countries that had adopted the euro. If the new Member States are not also to be sucked into this downward spiral, each country should take the decision by allowing its people to vote on it, having first been supplied with frank, honest and objective information."@en1
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