Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-03-Speech-4-122"
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"en.20030703.5.4-122"2
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".
This report does not constitute a departure from the principle that applies when studying annual reports, according to which one is obliged to praise the institution concerned.
It is true that this time the ‘courageous’ rapporteur dares to decry the fact that the introduction of the euro has resulted in what he modestly calls ‘effects’ on inflation. By the same token, the ECB is asked to keep an eye on the speed at which the markets react to or disregard its decisions on monetary policy.
So much for the ‘negative’ aspects of a report, which otherwise delivers a eulogy to the ECB’s activities in the guise of an analysis.
Having been congratulated on reacting correctly to economic and financial developments, and on the euro’s appreciation towards the dollar, the ECB is now receiving the dividends of its unswerving allegiance to federalist and monetarist dogma.
In these circumstances, no one will be surprised at the passages dealing with the ECB’s independence and even less with the attack against the Member States that have failed to comply with the Stability and Growth Pact, which risks undermining the credibility of the euro zone!
Incidentally, it should come as no surprise that I have voted against this report."@en1
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