Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-106"
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"en.20010703.6.2-106"2
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"Mr President, Mr President of the European Central Bank, the first thirty months of operations of the European Central Bank can be considered a success. The bank has achieved stability in monetary policy in the mid-term despite the sudden rise in oil prices, the great uncertainty on the currency markets and heightened tension on the money markets. The faith of citizens in the European Central Bank is primarily based on price stability. It is important to citizens that the currency is stable and that the real level of earnings and purchasing power remain unchanged. However, trust can also be increased by increasing openness and transparency in the work of the ECB. Transparency goes without saying for national central banks, and should also be the case for the European Central Bank.
The changeover to the euro is a unique event in economic history for which there is no precedent in terms of magnitude. Adopting a single currency is a concrete indication of how far European integration has come. Our citizens expect us to do all we can to ensure a smooth transition to the euro. It is important that we prepare carefully to avoid unnecessary problems and thus giving rise to a negative image among citizens. However, we must remember the fundamentals. The euro will not fail due to practical problems encountered during a transitional period of two or three weeks. If it fails due to anything, it will fail because the currency is not sufficiently stable or strong. Our single currency is as strong as the economy behind it. A strong economy, healthy business structures and a functioning internal market are vital prerequisites for the trust of citizens and the global competitiveness of the Union.
In this context I would also like to mention my concern regarding the fate of the Directive on Takeovers to be addressed tomorrow. The directive has taken twelve years to draw up. After much wrangling, the European Parliament and the Council have managed to reach an agreement through the conciliation procedure. If the directive fails tomorrow we will be able to say that while many fine words were heard in Lisbon, here we need action. The value of our single currency depends considerably on these actions on the part of Parliament, the Council and all the institutions of the Union."@en1
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