Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-103"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2001-07-03"^^xsd:date2
dcterms:Is Part Of	lp_eu:ECB and the euro (continuation)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20010703.6.2-103"2
lpv:hasSubsequent	lp_eu:2001-07-03-Speech-2-1042
lpv:speaker	lp:Karl von Wogau2
lpv:spokenAs	member; ECON (1999-07-21--2002-01-14)3 member; Delegation for relations with the Mashreq countries and the Gulf (1999-10-06--2002-01-14)3 unknown; Christlich Demokratische Union Deutschlands (1999-07-20--2004-07-19)3 member; EPP-ED (1999-07-20--2004-07-19)3 substitute; AFCO (1999-07-21--2002-01-14)3
lpv:translated text	"Mr President, Mr Duisenberg, ladies and gentlemen, this debate is taking place at a difficult moment as regards economic policy. Growth is declining and inflation is on the increase. The Federal Republic of Germany, which accounts for a third of the euro area, is bringing up the rear in terms of growth, inflation and net government borrowing. It is no longer the locomotive it once was, it is now the last coach in the train. At this difficult time it is, above all, important for the European Central Bank, which is a young central bank, to gain credibility. For this reason we too will not be voting for three of the proposals made by the rapporteur in her report. The first proposal was that core inflation should be the key factor in economic decision making, that is to say inflation excluding energy and food. This would amount to looking at the world through rose-tinted spectacles, because what matters to the public is not core inflation but inflation including energy and food prices. The second proposal that we will be rejecting is that of setting inflation targets. I am convinced that the European Central Bank was right to establish its own definition of stability shortly after it was set up, according to which monetary stability is an inflation rate of less than 2%. That cannot be altered now. If anything, it is precisely in the current difficult situation that the European Central Bank should be measured by its own yardstick. That is the reason why we cannot vote for this second proposal. The third proposal relates to the accession countries. The proposal that the accession countries should not in fact be required to meet the inflation criteria of the Maastricht Treaty in the same way, which would also mean a weakening of stability, is something else my Group will not agree to."@en1

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