Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-045"
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"en.20000705.2.3-045"2
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". – Mr President. I have had so many congratulations and compliments that I would simply say I thank the European Parliament for the way in which they have received our annual report and I can see the debate here expresses great support for continuation of the policies that we have pursued so far.
There are a few points I would like to comment on. The question raised by Mrs Randzio-Plath, Mr Katiforis and Mr Goebbels all boils down to whether the ECB has too high a growth rate, which has the effect of increasing interest rates. Mrs Berès has asked a very precise question, about which I would like to say the following. I do not understand the pessimism which permeates this aspect of the debate. In the past twenty-five years the average growth rate for real GDP in the euro area has been between 2 and 2.5% per year. This year and next year growth in the euro area will be in excess, even considerably in excess, of 3% per year and we expect inflation to be close to 2%. Due to the volatility of oil prices it might even be more than 2% in some months but the average will be 2%. There will be upside risks, but what we do about this depends on how the situation develops.
In reply to Mrs Randzio-Plath's question if the ECB is against growth rates of over 3%, my unequivocal answer is that we are certainly not against growth rates of 3%, which we expect now. We would be against increased inflation, but that is not yet on the cards although, as I say, the risks will be upside. We are now entering the best period that Europe has had in a long time, in decades, I might say. Unemployment will fall over the next two years. Not by very much, admittedly – there is nothing monetary policy can do to accelerate the process – but unemployment is coming down very gradually and will continue to do so.
If, as well all expect and hope, Greece joins EMU on 1 January next year, only Denmark will be a member of the ERM.
The question was asked what will the ECB do if that creates problems for Denmark? The ECB will do everything in its power to keep Denmark in the ERM and there is no date scheduled for the exchange rate mechanism ending so it will be for an indefinite period. So far Denmark has been remarkably successful as a member of the ERM with smaller exchange rate margins than were permitted within the ERM, and I expect it to remain that way, although I would hope that Denmark will decide to join EMU. But I can assure Mrs Riis-Jørgensen that the cooperation between the European Central Bank and the Danish National Bank is exemplary.
I have already alluded in my introduction to the question of transparency and the summary minutes asked for in the motion for a resolution. The introduction to the monthly press conference refers to the debate in the governing council that has just taken place. The statement is carefully prepared by the whole governing council; it is not a spur of the moment statement. A week later the entire statement is produced again in a more final form. The editorial in the monthly bulletin gives all the information that could be found in summary minutes of the meeting."@en1
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