Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-007"
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"en.20030923.1.2-007"2
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"Mr President, Commissioner, ladies and gentlemen, my group has three economy and monetary policy criteria by which we also judge the proposal for the new President of the European Central Bank. Only last week, at our study days in Madrid, we redefined and laid down once again the crucial points of our policy.
The first is a clear and unequivocal endorsement of the Stability and Growth Pact. We regard the Stability and Growth Pact as the regulatory framework for the Member States’ budgetary policies. We regard it as a prerequisite for price stability and therefore for sustainable growth and job creation. The Stability and Growth Pact is a driving force for reform, and it is the basis on which to achieve more transparency in the Member States’ budgetary situations. It is also an orientation aid for the new accession countries as they move towards the common currency, in order to be able to fully accept the euro.
Our second cornerstone is the independence of the ECB. This independence must be expressed through the continuation of the policies that were guided by Wim Duisenberg’s steady hand. It must be expressed through continuity, trust, credibility, professionalism, team spirit, and vigilance towards change, as well as clarity in its decision and a considerable talent for communication.
Thirdly, our group says a resounding ‘yes’ to the single currency. The single currency is the basis of a functioning internal market and the expansion of the internal market into a home market. These are also the criteria by which we judge the candidate. In both his written statements and oral answers, he voiced unequivocal support for the principles of the Stability and Growth Pact, price stability, independence and the single currency, and rejected any attempts to sabotage them as undermining currency stability, price stability, and a policy for growth and jobs.
When asked about the most important guiding principles, Mr Trichet said, and I quote: ‘The highest level of credibility in the pursuit of the objective of price stability, independence, enshrined in the Treaty, vis-à-vis any power or type of influence whatsoever; lastly, realism and pragmatism in the assessment of a financial and economic environment changing rapidly, due to new technologies and changes in the behaviour of economic agents’.
Secondly, he said: ‘Indeed, price stability is a prerequisite for sustainable growth and job creation.’ He made it clear that price stability is not enough on its own, and that it must be supplemented by a judicious budgetary policy, by an appropriate balance of productivity gains and moderate nominal compensation growth, and by urgently needed structural reforms. He pointed out that the Stability and Growth Pact provides the overall concept and the common rules for the different economic policies of the Member States. In all his answers, he has thus clearly recognised and affirmed our principles as the correct ones. For this reason, my group, too, will endorse his appointment."@en1
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