Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-26-Speech-2-111"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"1999-10-26"^^xsd:date2
dcterms:Is Part Of	lp_eu:ECB annual report2
dcterms:Language	"es"^^xsd:language2
lpv:document identification number	"en.19991026.3.2-111"2
lpv:hasSubsequent	lp_eu:1999-10-26-Speech-2-1122
lpv:speaker	lp:Fernando Pérez Royo2
lpv:spokenAs	member; ECON (1999-07-21--2002-01-14)3 substitute; Committee on the Environment, Public Health and Consumer Policy (1999-07-22--2002-01-14)3 unknown; Partido Socialista Obrero Español (1999-07-20--2004-07-19)3 substitute; PECH (1999-09-13--2002-01-14)3 member; PES (1999-07-20--2004-07-19)3 member; Delegation for relations with South Africa (1999-10-06--2002-01-14)3
lpv:translated text	"Mr President, Mr President of the European Central Bank, this debate is taking place with the euro having been in place for nine months, in conditions which enables us to affirm that its introduction has been successful, even if only in the limited sense that the transition to the third phase of the Economic and Monetary Union has taken place with no great upsets. Given that much of this success is undoubtedly due to the Central Bank, we must communicate our congratulations to its President, and we hereby do so. Having said this, we must stress two or three points: firstly – and this has been mentioned this afternoon and Mr Duisenberg knows perfectly well that it is a concern of this Parliament – we have the question of transparency. Given that this has been discussed here this afternoon, I will not pursue this argument, particularly as I know that Mr Duisenberg is perfectly aware of the Socialist Group’s position in this regard. The second issue I want to address, which for me is more important, is that of growth and employment, specifically the relationship between monetary policy and growth and employment. We agree with you, Mr President of the ECB, when you say that price stability is necessary for growth, and that growth and the creation of employment cannot happen without guaranteed price stability. Likewise we agree with you when you say that monetary policy alone cannot resolve the problem of unemployment. But we must also warn – and you understand this perfectly – that bad decisions regarding monetary policy may harm growth and prevent the economic recuperation which has started. There is no lack of historical examples in this respect and the warning is worthwhile at a time when economic recuperation in Europe is far from being confirmed and when, at the same time, there is speculation about the imminence of a stricter monetary policy. Lastly, I would like to take this opportunity, given that the Commission is present in this debate, to remind you of something which has also been repeated many times by this Parliament and which, in any case, is very important to our group: economic policy does not end with currency and does not end with monetary policy. The third phase of Economic and Monetary Union raises the issue, even more than in the past, of the need for a more robust and articulate coordination of economic policies. In this case, it is the responsibility – I would say the main responsibility in this area – of the Commission. You know this, Mr Solbes, and we call on you to face this responsibility, and in this you will surely be able to rely on the support of this Parliament."@en1

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