WRITTEN QUESTION P-0027/02 by Francesco Speroni (NI) to the Commission. Inaccurate statements concerning the euro.
Date: 2002-01-15
Institutions: European Parliament, Provisional data
Subjects: European Commission, euro, exchange rate, image, press release, price stability

C 205 E/60

Official Journal of the European Communities

EN

29.8.2002

(2002/C 205 E/063)

WRITTEN QUESTION P-0027/02

by Francesco Speroni (NI) to the Commission

(15 January 2002)

Subject: Inaccurate statements concerning the euro

According to some of the media, for example the broadcasting company RAI, the President of the
Commission boasted about the stability of the euro when it came into circulation as a tangible currency,
claiming that its value had not fluctuated despite repeated economic and financial crises on various
continents.

However, if we compare the value of the euro since its arrival on the financial markets, it is obvious that it
has weakened considerably against many other currencies, such as the US dollar, sterling and the Swiss
franc.

Can the Commission say whether it is true that these alleged statements were made and, if so, why the
President said something which is not true?

Answer given by Mr Prodi on behalf of the Commission

(4 April 2002)

The President has repeated on many occasions that, since its introduction on 1 January 2002, the euro has
proved its capacity to act as a factor of stability in times of uncertainty. As he emphasised in his speech on
the State of the Union delivered to the Parliament in Strasbourg on 11 December 2001, Just imagine what
would have been the impact of 11 September 2001 if we had not had the euro. No doubt, we would have
seen great instability of exchange rates in Europe. The consequence could have been dramatic for the
Single Market, and for growth and employment throughtout the Union, as it was at the beginning of the
1990s, when Europe’s currencies faced great unstability.

The euro has also delivered price stability to European citizens. On average during the period 1999-2001,
consumer prices in the euro area have increased by less than 2 % per annum. This is far better than the
situation that prevailed during the period 1990-1998, when consumer prices in the area increased by
3,5 % per annum. The euro has boosted price stability especially in Member States such as Italy, which
until 1995 had inflation rates well well above 5 %. Thanks to the consolidation of public finance
accomplished during the run-up to the euro, Italy now enjoys a much lower inflation rate.

(2002/C 205 E/064)

WRITTEN QUESTION E-0038/02

by Luciano Caveri (ELDR) to the Commission

(23 January 2002)

Subject: The Valgrisenche dam

In the 1950s, despite opposition from the Valle d’Aosta Autonomous Regional Council which drew
attention to the dangers arising from the fact that some of the mountains overlooking the lake were
subject to landslides, a huge dam was brought into service in the Valgrisenche valley in the Valle d’Aosta.
This arch-gravity dam spans a distance of 394 metres at its crest and is 5 metres wide.

Following the Vajont disaster in the Veneto region, in which 1 909 people died on 9 October 1963, when
a landslide caused the dam to overflow, the electricity company decided to convert the Valgrisenche dam
for run-of-river use, thus emptying the reservoir.

However, the huge wall of the dam still towers over the small mountain village, and has an obvious impact
on the environment and the landscape. Thought has recently been given to the possibility of dismantling
the dam (which, in its present state, no longer serves any useful purpose) with a view to ‘rehabilitating’ the
area, with only the run-of-river facilities being retained.

Given the above, can the Commission say whether, if need be, a special Community project could be
implemented or existing funds drawn on for this purpose?