Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-05-13-Speech-2-078"
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"en.20030513.5.2-078"2
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"Mr President – yes, thank you very much for your enthusiasm! – I can also tell you that in its common position the Council has been persuaded of the wisdom of many of our astute proposals from the first reading. As you know, this draft regulation seeks to improve the quality of statistics, firstly by reducing the time limits for the transmission of the main aggregates of quarterly national accounts from four months to 70 days, secondly by abrogating derogations accorded to the Member States – unfortunately others are retained – and thirdly by having the employment data transmitted in a common unit, namely that of hours worked.
These changes are necessary so as to have statistics on GDP that are as accurate as possible available quickly. Bank economists have been warning for years now that our economic statistics are insufficient; this leads to mistakes in monetary policy, the effects of which we all feel in our pockets. Last year, Mr Solans, a member of the Executive Board of the European Central Bank, writing in the
even called for greater quantities of relevant statistics for the eurozone. As you know, this is in everyone's interest. A great deal remains to be done, however. At the moment, for example, the Commission is compelled to produce its initial estimates of gross domestic product for the eurozone on the basis of incomplete data, which undermines the reliability of these indicators and can have an unfavourable impact on the financial markets, and above all on the measures taken by the central banks. The Commission's estimated values for GDP in the eurozone are currently produced 70 days after the end of the reference period. Compared with the USA, where these data are available after 45 days, this is far too late and makes it difficult for the European Central Bank to fulfil its duty to provide guidance. You often lament the fact that Mr Duisenberg's monetary policy reactions are not as quick as Mr Greenspan's. If you adopt these measures today, that will be rather less the case. I therefore hope that you will vote in favour of the common position and I should like to thank you for taking such an enthusiastic interest in this report."@en1
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