Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-27-Speech-3-120"
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"en.19991027.3.3-120"2
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"The European Central Bank, in spite of having a financial role in European policies and the economy, operates independently of the Council, of the European Parliament and of national parliaments, which is unacceptable. Regrettably, this is an example of the lack of democratic control on the part of these institutions.
By taking the fulfilment of the Stability Pact and of the respective criteria for nominal convergence as a basis, and making price stability the main priority, the ECB’s monetary guidelines come to be crucial for national and European policies in a huge variety of economic and social areas, including in the Financial Perspective of the European Union and of the Member States.
Thus it is vital that the ECB finds another means of intervention, that there is effective democratic control over the way it operates, that priority is given in European policies to resolving the economic and social problems of the European Union and of its Member States, giving particular prominence to the policies of growth and job creation. That is the reasoning behind my vote."@en1
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