Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-26-Speech-2-094"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.19991026.3.2-094"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, this is the first time that the new Parliament is fulfilling its mission of supervising the European Central Bank.
The Group of the Greens/European Free Alliance heartily supports the Huhne report, not only for its professional quality but also for its general attitude of mind. It is effectively a response to the fundamental problem which faces us today, that of accountability in managing monetary policy.
What is the nature of this problem? The Central Bank is not a fourth estate. It is not, for example, in a position to challenge the social rights gained by Europeans. These rights are enshrined either in the Universal Declaration of Human Rights, in national bodies of legislation and in conventions between management and unions.
The Central Bank, on the other hand, has been assigned a specific function by Europeans, that of ensuring price stability. The Maastricht Treaty is not very specific on the manner in which it must actually be accountable for the fulfilment of its mission with regard to national representatives. All central or international banks of major countries are bound, in one form or another, by this democratic accountability with regard to the socio-economic community – in the Anglo-Saxon countries through Parliament and in Germany through the federate banks of the
.
Today we have to invent the forms of democratic responsibility of the European Central Bank. The Huhne report already provides many possible routes. We support the two amendments tabled by the rapporteur himself, for publication of votes in the Council of the European Central Bank and the econometric models on which these votes are based. Only the most complete transparency of the relationship between the objectives set by the Treaty and the actions of the members of the Council will make it possible for Europeans to actually measure whether the members of the Council are fulfilling their mission properly, not that we doubt it.
From this point of view, the Huhne report is justifiably very pleased with the reduction in interest rates which occurred in April. Apart from the positive effect of this decision on employment, it is in line with the objective of ecological sustainability, which is to say the rejection of a policy of excessively favouring immediate prospects at the expense of long- term future prospects.
This is why our group is concerned about the rumours of a forthcoming increase in interest rates. Such a decision would compromise both the upturn in employment in Europe and ecological investment, especially that related to saving energy and combating the greenhouse effect.
Such a decision could only be taken in the event that price stability was threatened. Well, price stability applies in both directions. For many months, the consumer price index has been increasing at a rate of 1%, while the industrial price index
on the other hand has been decreasing, at a rate of 1%. This deflation in industrial prices prompts giving preference to short-term prospects. It would become dangerous if real interest rates were to increase.
In order to prevent such situations arising, our Group is proposing an amendment drawing the attention of the European Central Bank to its mandate to ensure price stability in both directions."@en1
|
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples