Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-10-26-Speech-2-130"
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"en.20041026.9.2-130"2
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"I am voting against the report on the activities of the ECB. The report endorses the ECB's monetary policy, despite the fact that it is partly responsible for the lack of growth in Europe and for a situation unfavourable to employment.
In fact, the ECB has rejected any strategy likely to favour a euro-dollar parity more favourable to exports and industry, in particular with a view to preventing too significant a fall in the dollar. In a similar way, the ECB appears to have refused to tackle parities with currencies such as that of China. These parities hinder our exports and favour relocations (in many cases, this has more to do with the competitiveness of companies than do labour costs).
Its attitude makes it clear that the ECB does not have full employment as an objective. I regret that the draft Constitution does not in any way change the situation and allows complete independence to continue without balancing the objectives of price stability and employment.
In conclusion, nothing about the situation in the eurozone can justify this blank cheque for the ECB. Inflation has picked up – and whatever some people may have said, the introduction of the euro has unfortunately led to a rise in prices - exchange rates remain high and growth is weak."@en1
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