Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-05-15-Speech-4-038"

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"Thank you, Madam President, Commissioner, ladies and gentlemen, I shall be fairly brief. The hearing we have had with Mrs Tumpel-Gugerell before the Committee on Economic and Monetary Affairs showed that this lady was very competent and certainly capable of maintaining her crucial role on the European Central Bank’s Executive Board. The Group of the Party of European Socialists will therefore vote in favour of Mrs Tumpel-Gugerell, and we wish her much success in her very difficult work. Allow me a more general remark which has nothing to do with Mrs Tumpel-Gugerell’s candidacy. Until now, all the governors of the European Central Bank have come from the inner circle of central bankers. They therefore give the impression of having come from the same mould and sometimes take the same line, and one which, while it is very often sound, does not always reflect the economic realities of this world. I know that many MEPs, both in my own and also in other groups, would like to see governors from the financial and commercial worlds, and perhaps even from the world of politics, at the heart of the European Central Bank. We should also like to see a lot more women there in addition to Mrs Tumpel-Gugerell alone. I would therefore express the wish that, when appointments are next made, the profile of candidates be deepened a little so as to ensure rather more balanced representation within this crucial institution. The European Central Bank has so far done some excellent work. It has in actual fact made good its wager when it comes to stability. That being the case, the ECB’s task is not only to maintain stability but also to combat deflation. Although it may have defined its stability policy, it has no point of reference for judging when it is necessary to combat recession. For my part, I should like the European Central Bank to conduct a much more pragmatic monetary policy on the model of the American Federal Reserve, which combats not only inflation but also recession and which contributes to other American economic policies."@en1
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