Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-04-04-Speech-2-308"
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"en.20060404.23.2-308"2
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".
Of course I discuss the evolution of the eurozone economy, and not just the eurozone, but the whole of the European Union. In particular, however, since you have asked about the eurozone, I discuss the economy of the eurozone bilaterally with the various Ministers of the zone and with the President of the European Central Bank, and collectively once a month in the meetings of the Eurogroup.
In the majority of meetings of the Eurogroup, an item is dedicated to analysing the economic situation. Sometimes the economic situation is analysed in a general sense, and sometimes a specific aspect of that economic evolution is looked at.
With regard to inflation, the body responsible for maintaining inflation, in accordance with the objectives set by the European Central Bank, is the European Central Bank itself. It is an independent institution, which, pursuant to the Treaty, has a mandate from the other European institutions to preserve price stability, and which makes its decisions entirely independently, but also holds a dialogue with the other institutions.
The President of the European Central Bank participates in the meetings of the Eurogroup each month. Furthermore, the President of the Eurogroup and the Commissioner responsible for Economic and Monetary Affairs are invited to take part, with the right to speak but not to vote, in the meetings of the Governing Council of the European Central Bank, and we accept those invitations.
On the issue of housing, in particular, in one of the items at the last meeting of the Eurogroup in Brussels in March, we discussed the situation of the housing markets, which is not the same in all of the countries of the eurozone. Certain countries in the eurozone have the problem of property inflation, while other countries have the opposite situation, in some cases with total stability and, in others, a decrease over several years in the price of houses and other real estate property.
This internal divergence within the eurozone with regard to real estate prices creates problems, because, by definition, there can only be one monetary policy in the eurozone, while its impact varies from country to country. We have discussed this issue. The European Commission has undertaken to present new analyses and new considerations to the Eurogroup over the coming months. If you are particularly interested in knowing our analysis of property prices in certain countries of the eurozone, I will send you the latest three monthly report on the economy of the eurozone which was published a few days ago by the Commission services under my responsibility."@en1
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