Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-26-Speech-2-107"
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"en.19991026.3.2-107"2
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"Mr President, Mr President of the Central Bank, Commissioner, I believe that our sitting, today, is a founding act.
This is the first time that you have presented your annual report to this House as President of the Central Bank. Indeed, if I am interpreting the Treaty on European Union correctly, this is an essential element in the balance designed by the people who set up Economic and Monetary Union, with the success we have seen, taking into account the conditions of the transition to the euro on 1 January this year. This balance, in fact, involves both the independence of your institution and the annual report which you must present to our own institution. This is the meeting we are witnessing today.
Unlike some of my fellow citizens, I believe that today we are here reaching the very core of your democratic responsibility. As you know, this institution has clearly shown its will to exercise fully the competences accorded under the Treaty. Parliament set the condition of having a hearing with each of the members of your Executive Board; it meets you on a regular basis, and considers today’s meeting to be the high point of this approach.
It is only to be expected that our debate today should be more concerned with the methods rather than the basis of the monetary policy. You are still just about in your initial running-in period, as are we. We must take advantage of this period to strengthen the resources that we, the European Parliament, have. But for your part, you too, Mr President, must perhaps take advantage of it to review again your idea of the relationship between your institution and ours.
So, as regards transparency – many people before me have said it, but let me repeat it once again – if we want to be able to really act as an intermediary in monetary policy, which you implement and which we discuss, then we need you to present the decisions you are taking, and give your reasons and justifications for them.
As regards monetary policy itself, you said, Mr President, that it cannot solve the structural problems of the labour market. Very well. But it can make a contribution, and this is what the Treaty invites you to do, and what we invite you to do. Sustained growth in Europe is essential if we wish to solve the problem of employment. There will be no structural reform without growth. Certainly, positive signs are appearing. We know that more gradual growth today is already enabling the creation of jobs in some of our countries. But if we want sustainable growth for a high level of employment, we need monetary policy to accompany this movement. This is what the treaty invites you to do, and this is the matter on which we expect positive signs from you. In this sense, the policy which you are pursuing in the area of interest rate policy is clearly essential, and we are awaiting very clear commitments from you in this respect."@en1
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