Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-10-26-Speech-4-018"

PredicateValue (sorted: default)
rdf:type
dcterms:Date
dcterms:Is Part Of
dcterms:Language
lpv:document identification number
"en.20061026.3.4-018"2
lpv:hasSubsequent
lpv:speaker
lpv:spokenAs
lpv:translated text
"Mr President, Mr President of the European Central Bank, the Group of the European People's Party (Christian Democrats) and European Democrats endorses the European Central Bank’s position on currency stability. We should not succumb to the temptation to add to the ECB’s responsibilities areas in which the nation states refuse to act, in other words the areas of economic and social reforms. The ECB cannot pay for such reforms alone, nor can it afford to. In this case it is essential that the nation states finally fulfil their obligations. We also support the independence of the European Central Bank, its political independence and the independence of its monetary policy, and all of this right from the selection procedure for its members. I do not know what the results of today's votes will be. I can only tell you that the European People's Party supports the idea of non-politicisation, starting with the selection procedure, and believes that the form of transparency proposed is not helpful. The European Central Bank has numerous other tools in its dialogue and does make use of them, just as other central banks around the world do. There is broad support for this in this House. On the subject of independence, I would like to add that we are fighting for the independence of monetary policy. I also hope, however, that the European Central Bank realises that it should not overplay the subject of independence. We have had an on-going discussing with the European Central Bank for years now on the subject of ‘clearing and settlement’, in particular with Mrs Tumpel-Gugerell, and I would just like to remind the House that the European Central Bank has begun a dialogue with the Committee of European Securities Regulators (CESR) on this subject and is now entering into a dialogue with those involved in the market. I would like to state clearly that we are not opposed to dialogue. Perhaps the route that the European Central Bank is proposing, and that it is taking, will be the right one in the end. For us, this is not about a material assessment, but the route by which the European Central Bank becomes a part of the market cannot be chosen unsupervised and in a vacuum cut off from politics. That is why we have been calling so urgently for this – and we hope that the vote today will proceed as we had all envisaged – we need governance, we need a regulatory framework for this area. We cannot have a situation where Parliament and the Commission are deliberating about whether to create a directive, whether to produce with a suitable framework, and the European Central Bank then comes out and claims that none of that affects it and that it will take the route it thinks is right. Do not overdo it here; where monetary policy is concerned, we are on your side."@en1

Named graphs describing this resource:

1http://purl.org/linkedpolitics/rdf/English.ttl.gz
2http://purl.org/linkedpolitics/rdf/Events_and_structure.ttl.gz
3http://purl.org/linkedpolitics/rdf/spokenAs.ttl.gz

The resource appears as object in 2 triples

Context graph