Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-012"
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"en.20030923.1.2-012"2
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"Mr President, I shall be no more of a royalist than Mr Goebbels or Mr Lipietz, and I will therefore be supporting Mr Trichet’s appointment on the basis of his professional skills. I believe that his qualities are unanimously recognised by the central bank governors within the euro zone. He has all the qualities to make a rigorous president of the ECB. He does not receive full marks for the monetary policy he will be implementing but I have yet to meet a central bank governor who is open to any other monetary policy. I would say, therefore, that if we are looking for the Eurozone’s economic and monetary policy to be overturned, we should look elsewhere.
I wish to add three observations to this statement. Firstly, I hope, and for the moment I have no way of telling whether this will happen, that Mr Trichet will be more open to what we must call economic policy coordination. Because he has been involved since the signing of the Maastricht Treaty, he knows very well that this is founded on two pillars: monetary union and economic union. This economic union cannot operate without governments that are able to understand that their budgetary and fiscal policy falls within the realm of the common interest. The role of a central bank governor today, unless he or she wishes to be a permanent scapegoat, is to remind governments of this responsibility. Telling governments that they can avoid having to coordinate economic policies by simply having a monetary policy and instructing them only to undertake structural reform will not enable the Eurozone to tap into a real potential for growth centred on investment in research, development and education.
My second observation is that, if we want to restore confidence, we will need this economic policy coordination and not just a central bank that applies the criteria strictly.
Lastly, I shall take the opportunity provided by this morning’s debate to express my astonishment and my concern to see the position adopted by the European Central Bank yesterday, calling for non-inflationist growth and price stability to be included in the objectives of the draft Constitution. I believe that the balance of the wording of Article 3 as produced by the Convention is quite satisfactory and that it would be dangerous to follow the lead of the Central Bank on this matter."@en1
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