Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-026"
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"en.20000705.2.3-026"2
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"Mr President, the European Central Bank report under discussion covers 1999, its first year in operation following the start of the third stage of EMU and, for this very reason, the European Parliament's criticism of the European Central Bank's annual report should be even stricter and even more demanding. The European Parliament is the only institution in the Community which is entitled to exercise any, albeit ex-post, control over the European Central Bank and its policy. From this point of view, the report by the Committee on Economic and Monetary Affairs does not meet the expectations of the citizens of Europe, in that it fully supports the policy of the European System of Central Banks and, on several counts, is going beyond that policy by calling for even greater liberalisation. The claim that the international standing of the euro and its weakness against the dollar are due to delays in making the necessary structural changes at the expense of the job, goods and services markets and to delays in advancing on the public sector of the economy, dismantling employment relations and abolishing the labour, social and insurance rights of workers has caused a public outrage.
In its quest for much-vaunted monetary stability, which I consider to be its only duty, the policy of the European Central Bank has been highly contradictory; in pursuing a single objective, i.e. to control inflationary pressures, it has swung like a pendulum from one extreme to the other, with successive reductions and increases in the interest rate which, in the final analysis, have had acutely negative repercussions on growth in productivity and employment.
The workers paying the price for this seriously negative neo-liberal policy have no confidence in it, nor do they share the European Central Bank's ambition or the support given to its policy by the European Parliament, the other institutions of the European Union and the governments of the Member States. The much-vaunted new economy will certainly not serve the interests of the workers. In this sense, we oppose both the policy of the Bank and the support given to it by the European Parliament."@en1
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