Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-26-Speech-2-092"
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"en.19991026.3.2-092"2
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"Mr President, our primary objective is to establish the euro, after a successful start at the beginning of this year, as a stable currency in the long term, to make it an international reserve currency and to ensure that it is accepted by the citizens. I am particularly pleased that the President stressed again today that the European Central Bank also regards consumer protection as an important task within monetary union.
The independence of the European Central Bank is important for the objectives I mentioned, but its credibility and the degree to which the public can have confidence in it are important too. In a democratic legal system, the institutional and political independence of an institution is only possible if democratic legitimisation is guaranteed at the same time, and that includes transparency of decisions and indeed the possibility of understanding these decisions.
In this respect, a central role falls to the European Parliament, and I think that the dialogue on monetary policy, in the form established between this Parliament and the European Central Bank, is a good start for future years in the euro area.
I know how difficult it was, and this is shown in the annual report, to set up the European Central Bank, and indeed the whole system, and to get Monetary Union underway without problems. I also consider it very positive that the European Central Bank has improved its information policy. I do think, on the other hand, that it is not sufficient to allocate only an ancillary role in this communication policy to the European Parliament, as the open forum for European policy. It is important to see the special role of the European Parliament here too and I also think therefore that ECB information services and transparency could be significantly improved with regard to the European Parliament. By that I do not mean that we necessarily need to have verbatim reports of meetings published now, but it would be useful to have outline minutes of meetings giving the arguments for and against, making it possible to understand the way in which the European Central Bank actually makes its evaluation in the assessment of the risk of inflation or of deflation.
It has not been clear to us to date how an assessment can be made or is made in this area regarding the development of prices over and above goods and services, with reference, for example, also to property markets or share markets. There is therefore some uncertainty in this area as to the basis for decision making and the intelligibility of decisions, just as there still is with reference to the forecasts and models. The European Central Bank must be allowed some time. It is only 10 months since the child came of age and became responsible in the monetary arena, but it must continue in this direction.
I am convinced of the fact that trusting collaboration between the ECB and Parliament will also contribute towards achieving greater certainty and confidence among the public. At the moment there is great speculation on the subject of the ECB’s decisions in matters of interest rate policy. In this context within the euro area, I expressly welcome the ECB decision last Thursday to leave interest rates unchanged. This shows that the ECB is taking its responsibility in supporting other national economic objectives, particularly employment, seriously, and we know that the economic “spring” in the European Union, in spite of the varied developments within the euro area of the 11, certainly needs even further support. I think that the drop in oil prices, together with the fall in consumer prices which has already been experienced and which is expected to continue in the telecommunications, electricity and financial service sectors as a result of competition and the liberalisation of the market also certainly played a part in the decisions of last Thursday. This should continue to be the case.
I am filled with consternation regarding the ECB’s attack upon the Employment Pact. I would ask the ECB to make a constructive contribution towards achieving the Growth and Employment Pact and to say very clearly what part it intends to play in the macroeconomic dialogue in order to contribute to a balanced policy mix. It is no longer possible for monetary policy just to be responsible for price stability. It is no longer possible for budgetary policy just to be responsible for state finance, and social partners for moderate wage policy. There must be real liaison here in the interests of the further development of European Economic and Monetary Union, and also a shared position in this area in the interests of increasing employment."@en1
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