Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-10-26-Speech-4-023"
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"en.20061026.3.4-023"2
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"Mr President, President Trichet, ladies and gentlemen, the presentation and debate in Parliament of the European Central Bank Annual Report 2005 is the annual account that makes the independence of the Central Bank compatible with its democratic control.
I would like to make three brief comments on the impact of the monetary policy, the need for financial integration and the future composition of the Management Board.
The objectives of the monetary policy are to control inflation and to contribute to economic objectives of a general nature. At the end of 2005, and following two and a half years without taking any action, the European Central Bank increased interest rates, inflation stood at 2 tenths above the 2%, and there was a modest growth in the euro zone of 1.4%.
Those are the macroeconomic data, but the results of the monetary policy require that a more precise approach be taken, which I believe requires, on the one hand, an examination of internal divergences, which are considerable in terms of inflation and growth, amongst the Member States of the euro zone. This is important in order to ascertain the impact of the monetary policy, and, in particular, to ensure that there are no persistent imbalances. Secondly, we also need to know how these monetary policy conditions translate to the market and, in particular, small and medium-sized businesses.
During 2005, the European Central Bank published its first report on financial integration in the euro zone, and I congratulate it on that. It makes a very significant contribution. Accelerated globalisation is creating changes in financial products and markets that bring new challenges. When the single currency was drawn up, the risks of the system could be dealt with by means of monetary policy instruments. Now we need new initiatives. This is why it is important to carry on making progress on the Economic and Monetary Union, in order to achieve new goals, but also in order to maintain the efficiency of the monetary policy in the face of new challenges.
Finally, on the composition of the Management Board, I am in favour of greater parliamentary control, in order to achieve more professionalism and competence, and also a gender perspective, Mr President. The group photo of its governing body contains just one woman."@en1
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