Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-021"
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"en.20000705.2.3-021"2
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"Mr President, Mr Duisenberg, ladies and gentlemen, the 1999 report before us from the ECB is both the first ECB report for a full year and also the first report since the introduction of the euro. As has already been mentioned, the stage we are now at is that the euro has already been introduced, but the public will only have the bank notes in their hands on 1 January 2002. Mr Karas will be dealing with that point in detail later on.
Lastly, I would like to talk about the imminent eastward enlargement of the European Union. First, I would like to make it clear that I am not talking about a treaty amendment, as was now and again suggested during the debate. What I have in mind is to examine the process ahead of us. No one is disputing that there is a three-stage process, from EU membership, to participation in the exchange-rate mechanism, and finally to full membership. However, a minimum level of economic convergence is needed to achieve this, and also to create a level playing field for the applicant countries and the present EU Member States.
It is important not only to observe the criteria, but also to allow some leeway with regard to this compliance with the criteria. We cannot allow decisions that we have made in the past to keep tying our hands when it comes to the present and future process, over a period of five to ten years. We must maintain this process – this scope for interpretation.
In conclusion, I would like to thank all my colleagues and the committee secretariat very sincerely for their support with this report.
However, it is important for us to win the confidence of the public by the time the euro notes are introduced. The increase in consumer prices over the last year of just over 1%, that is well within the ECB target of 2%, provides a good foundation for this. Mr Duisenberg, I would like to sincerely congratulate both the ECB and you personally on that. Because of your stability-oriented policy, the countries in the euro area can boast a historically low level of price inflation.
If the policies of the ECB are to be successful, it must be politically independent. This does not mean that there is no accountability, but rather that a high level of information and transparency is required. I would like to sound a positive note by mentioning the European Central Bank’s regular reports to Parliament’s Committee on Economic and Monetary Affairs, as well as the information published on the Internet, which you have already been referred to.
But a young institution like the ECB has to win the confidence not only of the financial markets but also of the public. I therefore very much welcomed the fact that you addressed the public direct in May, and I think that should happen more regularly. The public is being flooded with information about the euro and I think that the information is not always eye-catching and informative. We need to counter that trend here today. The policy needs to be presented so it can be easily understood, and that would help to win people over to the euro.
At the same time, a low inflation rate is a policy for the economically disadvantaged in our society. That is why it is important for the ECB to tailor its decisions to primary objectives. For example, as I see it, we cannot accept an inflation rate of over 3.3% simply because it makes it easier to achieve secondary objectives such as economic growth and employment policy. Those who are disadvantaged suffer particularly from creeping inflation, which I therefore regard as being socially unacceptable.
The areas of economic growth and employment are primarily a matter for the Member States. This is exactly the reason for part of the weak external value of the euro. We need to make greater progress with reforms such as flexible labour markets, restructuring social security systems and liberalising financial markets if we are also to make the euro area more attractive as a financial centre and as a centre for investment. Mere declarations that we want to become number one in the world economy, like the one made at the Lisbon Summit, are not enough. The Member States have got to take action themselves here. That is why the objective of debt reduction and balanced budgets needs to be achieved as quickly as possible.
But it is also important for the European Central Bank not to completely forget about the external value of the euro. On the one hand there is a risk of higher prices, of importing inflation, which is at present being aggravated by higher oil prices of course. On the other hand, and this brings me back to the subject of ‘information and the citizen’, many people see the external value of the euro as an indicator of how stable it is. With this in mind we must make sure that this factor alone, external value, does not weaken confidence in the euro.
I accordingly welcome the most recent correction in interest rates, that is the increase by 50 base points, as a step towards a medium-term monetary policy with a view to creating confidence and calm both in the financial markets and amongst the public.
Another sign in the eyes of the public that the euro is a good thing would be a marked reduction in charges for cross-border payment transactions, which you have already mentioned. In this case I believe it is important for the banks to set their sights far higher and make more rapid progress. For banks simply to refer to the standardisation of systems is not enough here. The introduction of the euro did not come overnight and it was not a surprise. I myself come from the world of information and communications technology. I know that if you put a subject right at the top of your agenda and really put some pressure on, you can get something done more quickly. I therefore call on you to get the European Central Bank to add to this pressure, so that our banks make greater efforts in this field."@en1
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"Radwan (PPE-DE ),"1
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