Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-03-16-Speech-4-296"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20000316.11.4-296"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, in this draft legislative resolution, Parliament approves the ECB’s recommendation for a Council regulation concerning the continued calling in of foreign reserve assets. The following reasons are given: first, the Treaty makes provision for this. If it is not applied in the form of a regulation, this could be construed as a difference of opinion between the ECB and the Council. Secondly, the ECB should gain in financial independence. Thirdly, the foreign exchange intervention instrument will be made more credible and the capacity of the ECB to adjust to various scenarios will be fostered.
Of course, there can be no objection to any structural improvement of the ECB’s financial situation. The only question is whether or not pouring more money into it will solve the problem once and for all. Before an answer can be given, the following questions at least must be considered:
Firstly: does it make political and economic sense to apply the sort of restrictive monetary policy which the ECB applies and which is more restrictive than the FED? Secondly, does the increase in interest rates for top refinancing facilities and deposit facilities applied on 9.2.2000 not run counter to economic growth? Thirdly, are more decisive measures to reduce unemployment permanently not the most tried and tested means of guaranteeing price stability?
Fourthly: in addition to a supply-orientated economic policy, should greater emphasis not be placed on a demand-orientated economic policy, i.e. strengthening the European internal market through reduced import tax rates in the Member States? Fifthly, is it so wrong to assume that the exchange rate set when the euro was introduced had more to do with political wishful thinking than economic reality? Sixthly: what specific grounds are there for assuming that the ECB will probably sustain a loss in 1999?
Having answered these questions, our Group felt unable to vote for the proposal for a resolution. Not because the ECB has too few foreign reserve assets, but because it is wrongly organised structurally and will therefore complain endlessly of these liquidity problems."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples