Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-100"
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"en.20010703.6.2-100"2
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"Mr President, Mr President of the European Central Bank, Commissioner, ladies and gentlemen, today we are debating the exceptional report by Mrs Randzio-Plath on the annual report of the European Central Bank. We do this every year and it is the only opportunity which Parliament has to debate the policy of what is now an important and independent European institution.
This debate is being held within the context of a radically changed global economy. The downturn in the economy, which has brought us to the brink of recession, has created a great deal of pressure. The European Central Bank and other central banks throughout the world are under a great deal of pressure to relax their monetary policy. This pressure emanates mainly from the capital markets, which went into free fall recently and which sometimes appear to have become absurdly pessimistic, just as they were absurdly optimistic until recently, at least according to Mr Greenspan.
The moral of the story is, I think, quite clear. The central banks must not be guided by short-term prospects on the money markets, be they on a peak or in a trough. You must be guided, Mr President, by principles of monetary stability and economic development, as laid out in the Treaty. But if there is to be greater confidence in the euro, the people of Europe and money markets throughout the world must have greater confidence in how you exercise your policy and how you intend to achieve monetary stability. At this juncture, I think that we need to rethink the system of the two pillars of monetary policy."@en1
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