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 Full text 
Tuesday, 17 September 2019 - Strasbourg Provisional edition

Appointment of the President of the European Central Bank - Candidate: Ms Christine Lagarde (debate)

  Márton Gyöngyösi (NI). – Madam President, as a Hungarian-born Belgian economist, the father of the euro, Alexandre Lamfalussy, made it crystal clear that a single currency cannot be successful without a fiscal union, which entails a common social, labour and – most importantly – wage policy.

Twenty years after the introduction of the euro, the EU and the eurozone are characterised by enormous social differences, mass migration of the work force from the periphery to the core countries, high youth unemployment and the demographic decline. If the European Union and the European Central Bank do not deal with structural differences, social problems will lead to increased state debt – with further instability of the euro – and economic austerity will lead to anti-EU sentiment, weakening European cooperation.

This is why I would like to see in this report some references to how the ECB will mitigate this risk of a social disaster and what the policy recommendations are to reduce the wage gap between the periphery and the core countries, and between the old and the new Member States.

Last updated: 30 September 2019Legal notice