Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-10-26-Speech-4-174"
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"en.20061026.22.4-174"2
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".
Parliament has observed its annual ritual of ratifying the European Central Bank’s (ECB) monetary policy. Although the report calls for prudence with regard to raising interest rates and for investment, its key priorities are price stability and budgetary consolidation, which will undermine economic growth, employment and people’s buying power on what they earn. When what is needed, in contrast with the ECB's fundamental objective, are economic and social concerns, the recipe is more of the same, that is to say, structural reforms in the labour market and in social security, and this comes as no surprise.
By saying that the system of appointments to the Executive Board worked well and that its members should not be chosen on the basis of nationality, the report overlooks the fact that this system always operates on the basis of rotation between the nationalities of the major EU powers. The net effect of which, in a rotating system on the Board of Governors adopted in 2003, is to exclude the small countries from the vote on monetary decisions. Parliament has said it is opposed to such a situation, on the grounds of complexity and unfairness, instead proposing a Board of Governors comprising just nine members. No prizes for guessing who will be in and who will be out. For all these reasons, we are compelled to vote against."@en1
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