Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-04-Speech-3-153"
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"en.20010704.3.3-153"2
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".
The European Central Bank (ECB) is pursuing its basic aim of guaranteeing price stability, which means, in practice, maintaining moderation in wage increases in the eurozone. This is a short-sighted aim, based on controlling inflation, which ignores the contribution of monetary policy to economic growth and employment. This is a concern which, if carried to the extreme, could cause deflation and unemployment. The ECB is using this aim as a justification, even in the midst of an economic slowdown, for not reducing interest rates to stimulate investment or reducing the costs of excessive debt for families and other economic agents, forgetting that the eurozone is not a homogeneous area and that the cohesion countries in particular, including Portugal, face specific structural difficulties.
This is the policy for monetary stability imposed by the Stability Pact, which the rapporteur is so pleased with, and with which we disagree, even though it does attempt to implement the ECB’s policies, by means of greater economic coordination and greater development of the quarterly dialogue with the European Parliament. The ECB, however, requires effective political supervision and not just economic coordination, which is increasingly linked to the objectives of the Stability Pact and to the EU’s neo-liberal guidelines."@en1
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