Resolution on the economic and social impact of the global financial crisis on European industry
Date: 1999-01-15
Institutions: European Parliament
Subjects: EU industrial policy, European industrial area, industrial economy, iron and steel industry, monetary crisis, torture













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51999IP0024

Resolution on the economic and social impact of the global financial crisis on European industry  


Official Journal C 104 , 14/04/1999 P. 0191 





B4-0024, 0029, 0030, 0033, 0034 and 0036/99Resolution on the economic and social impact of the global financial crisis on European industryThe European Parliament,- having regard to its resolution of 17 September 1998 on the global economic and financial crisis ((OJ C 313, 12.10.1998, p. 172.)),- having regard to its resolution of 3 December 1998 on the world monetary and financial crises and their effects on the economy of the European Union ((Minutes of that sitting, Part II, Item 12.)),A. whereas the financial crisis which appeared in South-East Asia last year has since spread to other parts of the world, especially Russia and Latin America, with disastrous effects on the economic and social situation in many countries,B. whereas this crisis has been characterised by the collapse of national currencies in several emerging economies and the abandoning of their exchange rate peg to the US Dollar,C. whereas these exchange rate collapses have resulted in fiercer competition faced by European industry due to growing imports from these regions, including sectors that have been undergoing heavy restructuring and have suffered serious job losses in recent years,D. whereas in the current international situation the European economy is perceived as an area of economic stability, showing a large trade surplus with the rest of the world,E. whereas the OECD has predicted a significant recovery of the South-East Asian economies for 1999,F. whereas various industries, such as shipbuilding, iron and steel and textiles, are particularly affected by these challenges,1. Urges the Commission to monitor closely and to investigate the economic and social impact this fiercer competition is having on the various sectors of European industry and on the EU economy as a whole - especially in terms of output and employment -, as well as on global trade, and to provide as soon as possible a detailed report to the European Parliament on this matter;2. Is concerned and irritated, in the light of general insights, at the imposition of provisional antidumping tariffs on steel imports, including those originating in four Member States, and the trade-policy tendencies expressed therein;3. Supports the Commission as regards full and effective use of trade-policy instruments, including the possibility provided for by law of lodging a complaint about impending damage in order to protect the steel industry and its employees against unfair trade practices;4. Calls on United States decision-makers to continue to work for the maintenance of free world trade and respect for the rules of fair competition;5. Is concerned about the substantial social and economic consequences of the financial crisis on many third countries and strongly welcomes the commitment to cooperation with these countries and to further strengthening of the international trading system; in this context, supports the substantial EU contribution to the various multilateral restructuring programmes for those countries affected by the financial crisis, provided this contribution does not lead to distortions of competition between the countries benefiting from this contribution and the EU;6. Believes that, were the impact of the crisis on specific industries to result in severe losses in terms of output and jobs, the Commission should investigate the possibility of specific measures to support those sectors particularly affected; reminds the Commission, in this respect, of its call in its abovementioned resolution of 3 December 1998 for proposals to be put forward in the forthcoming Broad Guidelines of Economic Policy with a view to increasing public-private investment in the European economy and to stimulating strong levels of growth and employment;7. Instructs its President to forward this resolution to the Commission and Council, the governments of the Member States and the United States Congress and Administration.