20th anniversary of the Euro. Statement by Irene TINAGLI (S&D,IT), ECON Chair.

statement

Strasbourg

debate

plenary session

Eurozone (T)

single currency (T)

TINAGLI, Irene (S&D, IT)

20th anniversary of the Euro: statement by Irene TINAGLI (S&D, IT), ECON Chair

SOUNDBITE (English), Irene TINAGLI (S&D, IT), ECON Chair, Thank you, President. 20 years twenty years is an important anniversary for anyone, but I think that if we look back at all that the euro has been through, well, then we realise how special this anniversary is. At first, the introduction of the single currency in Europe seemed like a risky bet.

SOUNDBITE (English), Irene TINAGLI (S&D, IT), ECON Chair, You know, many feared it was too early. Others that there were other priorities and there was some fear about it. And later, after the financial crisis, many thought that the Euro was at risk and that a restoration of national currencies was up coming. Well, it turned out quite differently, and not only the euro is still here, but it's stronger than ever. Other member states have decided to adopt it, and others will soon be able to do so.

SOUNDBITE (English), Irene TINAGLI (S&D, IT), ECON Chair, The truth is that the Euro has been the key element of the last 20 years of the union. It has complemented the single market. It has made easier to trade and travel and leave across different countries in the European Union. It has boosted the European value chains, strengthening our economies. It has been the prerequisite for preserving the European monetary sovereignty in a globalised world.

SOUNDBITE (English), Irene TINAGLI (S&D, IT), ECON Chair, It has represented the cornerstone of a peaceful union and a global actor after the end of the Cold War and German reunification without the Euro. I'm quite sure we would be telling quite different stories. The success of the Euro is not a matter of chance.

SOUNDBITE (English), Irene TINAGLI (S&D, IT), ECON Chair, Its strength, its value and its very existence was constantly guaranteed and preserved by the European Central Bank, who over the past 20 years the ECB has been the true guardian of the union's currency, and I'm confident that it will continue to play its role even in the coming years of big innovations and changes.

SOUNDBITE (English), Irene TINAGLI (S&D, IT), ECON Chair, We've heard some of those, but the Euro's success was also the result of a strong political will. The Euro was the best investment that we could have made to ensure a stable environment for the new generations. This awareness was the fundamental element that allowed us to overcome even the most difficult moment, and we've heard just a few minutes ago some of those moments.

SOUNDBITE (English), Irene TINAGLI (S&D, IT), ECON Chair, The Euro has definitely brought to us many successes, but we have to also to acknowledge and to recognise that it has not delivered all the gains that it could have delivered in all the member states and to all the European citizens. And this is partly due to some national issues and partly the result of the fact that the economic and monetary union are still incomplete, as Commissioner Gentiloni just reminded us.

SOUNDBITE (English), Irene TINAGLI (S&D, IT), ECON Chair, So the way ahead, therefore, is to identify the changes that are necessary to make our monetary union work for the benefit of everybody. The experience of the Euro shows that even the riskiest bets, if supported by political will, can be successful and can mark a great leap forward in the history of our union. Thank you.