Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-05-15-Speech-2-136"
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"en.20010515.5.2-136"2
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".
The debate that has just been held on the broad economic guidelines for 2001 was dominated by great uncertainty, which is, after all, not surprising since the aim of the exercise was virtually unattainable. The aim was to define common economic guidelines at European level, whereas every country has different requirements.
This uncertainty was further increased on 10 May 2001, when the European Central Bank lowered the key interest rate by a quarter of a point. Even though Christian Noyer, the Vice-President of the ECB, told Parliament’s Committee on Economic and Monetary Affairs on 2 May that he was optimistic about price stability in the euro zone, even though Wim Duisenberg, the President of the ECB, has just presented a report saying he too was confident about the prospects for growth, even though all these factors combined lulled us into thinking that interest rates were stable, by lowering interest rates, the ECB has just contradicted to some extent the explanations given the day before. The main effects of this move would have been a drop in the euro’s value – a further drop – and a strong hike in the stock markets, without any major advantages for growth.
The ECB lives in a permanently paradoxical situation, from which it is not about to escape. It is impossible to adopt a single measure that would suit the situation of all the Member States. For example, Mr Blokland has just explained to us that the latest drop in interest rates was greeted with some confusion in the Netherlands, where inflation is now at its lowest level in 20 years, and where everyone expected rates would, in actual fact, have to be increased. The same holds true for other countries in the euro zone.
In these circumstances, any step taken by the ECB highlights the differences, which are immediately translated by the international operators as obstacles to the viability of a common monetary policy, without taking all the other variables into account. Thanks to the euro, we feel as if we are constantly on the verge of losing public confidence."@en1
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