Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-03-Speech-3-171"
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"en.20011003.6.3-171"2
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"As far back as the introduction of the single currency, it was decided to bring about reinforced, economic coordination among the then eleven, and now twelve, Member States belonging to the eurozone. This coordination materialised via the Eurogroup which Belgium is chairing throughout this year and in which finance ministers of the Member States which have adopted the euro are represented, together with the European Commissioner responsible for economic and monetary matters, as well as the President of the European Central Bank.
As you know, this reinforced coordination has an informal and structural dimension and does not prejudice the responsibilities assigned to the ECOFIN Council by the Treaties. For the first few years when the single currency came into being – and I am talking about 1999 and 2000 – the bulk of the activities were aimed at the development of, and familiarisation with, this reinforced economic coordination among the Member States taking part in the eurozone.
Pursuant to, and with due respect to, the subsidiarity principle, this coordination faces the most important challenge of marrying the practice of economic authorities of each individual Member State involved, with the common monetary project to which these Member States have subscribed.
It is the task of the European Central Bank to adopt an independent monetary policy, the key objective of which is to maintain price stability.
The decentralisation of the economic policy and the centralisation of monetary decisions are, as it were, a basic contradiction in terms within the Economic and Monetary Union. The Eurogroup’s first task in this reinforced, economic coordination, is to outline the mainstays of the eurozone’s economic policy.
In fact, the message which was formulated in Nice last year by the Heads of State and Government is very much along the same lines. In its conclusions, the European Council is delighted at both the improved operation of the Eurogroup and the reinforced coordination of the economic policy of the Member States in the eurozone.
All efforts by the Belgian Presidency of the Eurogroup are channelled into reinforcing the role, the visibility and the credibility of the Eurogroup.
In addition, the Belgian Presidency is also drafting a reference framework and the working method for the coming years, especially in connection with the coordination of the economic policy of the different Member States.
The key instruments of a macro-economic policy, especially the monetary and budgetary policy, must be combined in an optimal policy mix, as it were, to achieve the pre-supposed objectives, such as promoting price stability and bolstering economic activity."@en1
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