Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-030"
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"en.20000705.2.3-030"2
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". – Mr President, Mr Duisenberg, Commissioner, ladies and gentlemen, it is ten years now since the inception of monetary union. Today we are reviewing an annual report based on a successful monetary policy. In institutional, organisational and monetary policy terms, the European Central Bank has acted prudently while showing the way forward, even if not everyone would agree with all the decisions made by the ECB.
However, more could be done to improve the transparency of monetary policy. This is not just a question of improving communication, it is also a matter of providing clearer explanations. That is why I am pleased, Mr Duisenberg, that you have today promised once again that we will get inflation forecasts and that progress will be made with publishing the econometric models. And of course I would still like us to see the summary minutes of meetings, so that we can follow all the arguments.
The annual report states very clearly that the euro has made its mark at international level and is already the second most important currency in the world. The report also clearly emphasises that the European Central Bank has achieved its priority objective of ensuring price stability.
However, it seems to me that the ECB’s secondary objective is not yet totally clear to everyone. After all, the rate of inflation is low and under control despite the increase in oil prices. This is very different to the situation prevailing at the time of the oil crisis in the 1970s. The ECB must therefore finally make it clear how and subject to what conditions it intends to support the Union’s economic policy and the objectives of achieving economic growth and employment. After all, money exists to serve people, and not the other way round. For that reason support is needed for the macroeconomic framework, and the ECB has a role to play here.
As yet, the ECB has still not provided an explanation as to why price stability is more strictly defined in the euro area than in the US, and why it does not provide greater protection for the fledgling European growth process. Europe needs a sustained period of high growth if we are to successfully combat unemployment. After all, full employment is once again a possibility at last. An ECB stability-oriented monetary policy has every chance of giving an impulse to investment and growth, and thus making a real contribution to achieving an appropriate and properly balanced policy mix.
What contribution can the ECB make, and does it intend to make? Why does it not follow the example set by the US Federal Reserve Bank in supporting the upturn in the economy? Or could it be – and I would like an answer to this – that the European Central Bank is opposed to growth rates of over 3% because it thinks they could jeopardise its stability policy?"@en1
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", chair of the Committee on Economic and Monetary Affairs"1
"Randzio-Plath (PSE )"1
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