Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-07-04-Speech-1-100"
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"en.20050704.17.1-100"2
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"Mr President, Mr Trichet, Commissioner, I believe that examining the annual report of the European Central Bank provides the opportunity to analyse the coherence of the monetary policy conducted on behalf of the entire eurozone by the European Central Bank. From that point of view, people are, however, today led to wonder about what economists call the balance of the policy mix. There must be a defect in this famous policy mix since growth has not materialised. With regard to the policy of the Central Bank, we have for a very long time been particularly attached to the need to establish the authority and legitimacy of the ECB and confidence in the decisions it takes. I would say that, in a way, this was an institutional quest. It appears to me that we must now reach the age of maturity and refrain from simply passing the blame on to the governments that delay in implementing the structural reforms, failing which we will not move the debate on. Progress is necessary, however, in order to rediscover growth and employment.
From that standpoint, I should like to make three observations. Firstly, Mr Trichet, I am told that the quality of your listening skills and of your contribution to the work of the Economics and Finance Ministers of the eurozone is extremely high and that the latter are pleased to have you by their side when they debate the situation in the zone. I believe, however, that dialogue comprises an idea of reciprocity and that if you intervene on the reform of the Pact and on the required structural reforms, others must, in return, be able to tell you how things stand with regard to monetary policy.
Secondly, with regard to the method of decision-making, I agree with the observations of my colleague, Wolf Klinz. In all likelihood, the method of decision-making laid down in the treaties is the right one. From the beginning, however, this Parliament has, as you know, requested transparency, or in any event information, concerning the nature of the debates taking place within the Council of Governors, and I believe that that request is a legitimate one. In the absence of the necessary information, in actual fact, one gains the impression that it is perhaps the absence of consensus among the members of the Council of Governors that prevents decision-making and that stops matters from developing.
With your permission, Mr President, I will make a third observation in the space of a few short words. It is about evaluating the economic policy and the economic situation. The Central Bank is too obsessed with structural reform, without recognising that there will be no structural reform without growth. From this standpoint, the objectives in terms of inflation, as they were evaluated at the start of the period, ought perhaps to be reviewed. Perhaps you ought to begin consultations so that, in future, people have access to an assessment of inflation that is more in line with the needs of an economy that has to assume transition costs. These must not become the responsibility of future generations but, rather, be to their advantage, since, on the basis of a boost in growth, future generations will be able to fund the repayment of this inflation."@en1
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