Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-234"
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"en.20081118.26.2-234"2
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"The least one can say is that the ‘generally positive’ assessment drawn up by the rapporteurs on ten years of Economic and Monetary Union does not seem completely objective. Not surprisingly, the few problems identified are analysed as being the fault of the Member States and of a lack of European integration.
The truth is that the introduction of the euro automatically led to an explosion in the prices of convenience goods and to a fall in the purchasing power of workers. The truth is that the Stability Pact is a budgetary and social Malthusianism. The truth is that the lack of an exchange rate policy and the overvaluation of the euro have undermined the international competitiveness of the euro area. The truth is that a single monetary policy and a single key interest rate for 11 or 15 economies with very different structures and levels of development are inevitably as ill-suited to the needs of each individual one of these economies as they are to those of the whole.
The euro has failed to bring the promised prosperity to its members, who, for the most part, are now in recession. This is because the euro, in its conception and in its operation, is not an economic tool. It is above all a powerful political tool for destroying the independence of nations."@en1
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