Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-05-10-Speech-2-211"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2005-05-10"^^xsd:date2
dcterms:Is Part Of	lp_eu:Appointment to the ECB Executive Board2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20050510.24.2-211"2
lpv:hasSubsequent	lp_eu:2005-05-10-Speech-2-2122
lpv:speaker	lp:Manuel dos Santos2
lpv:spokenAs	vice-president; European Parliament (2005-04-12--2007-01-15)3 substitute; Delegation to the ACP-EU Joint Parliamentary Assembly (2004-09-15--2009-07-13)3 substitute; ITRE (2004-07-21--2007-01-14)3 vice-president; Parliament's Bureau (2005-04-12--2007-01-15)3 member; ECON (2004-07-21--2007-01-14)3 member; PES (2004-07-20--2009-07-13)3 unknown; Partido Socialista (2004-07-20--2009-07-13)3 substitute; CONT (2004-07-21--2005-06-19)3 member; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (including Libya) (2004-10-28--2007-03-13)3
lpv:translated text	". In my opinion, Parliament should vote in favour of appointing Mr Smaghi to the Executive Board of the European Central Bank (ECB), in line with the draft recommendation drawn up by Mrs Berès. Personally, I feel that I must point out the candidate’s timely support and defence of the Constitutional Treaty. His appointment offers us the opportunity to reiterate some of the aspects that have proved crucial in the European Central Bank’s approach to the EU’s economic situation and especially its contribution to a swift and solid recovery. Mr Smaghi’s appointment follows the Council’s decision that significantly amended the rules governing the Stability and Growth Pact and that was intended to improve its procedures. The ECB is known to have initially been opposed to any changes in the regulations, and even went as far as to threaten to raise interest rates. It later came to accept the changes laid down by the Council, but always did so tentatively and conservatively. Whilst it is true that the Stability and Growth Pact comprises a pillar for preventing and a pillar for remedying, it is also true that this political, economic and financial instrument must be implemented across the board. It is unacceptable that so-called relevant factors and exceptional circumstances, now identified and formalised by the Council, should be reduced to small amendments to the regulations in force. The reading of the document adopted by the Council is clear and unequivocal, and indeed comprises substantial amendments to the model currently in force. To ignore this fact, or simply to reduce it to formalities and cosmetic amendments, is completely wrong. Despite all of the ECB’s efforts to control and keep a lid on prices, and its indisputable success in achieving this aim, the EU’s economy is a long way from showing clear signs of recovery and has certainly not managed to solve the main problem, which is unemployment. The International Monetary Fund indeed recently urged the ECB to reduce interest rates again. This forms part of the new framework adopted by the Council for supervising, monitoring and remedying fiscal imbalances. What is at stake is not wholesale budgetary deregulation, but the EU’s economic and social recovery, for which the ECB must take a great deal of credit. The ECB’s executive board must not overlook this inevitability and the newly-appointed board Member must ensure that it is on his political agenda."@en1

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