Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-013"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20080709.2.3-013"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, Mr Juncker, Mr Trichet, I would first like to say that this report’s main objective was to analyse the European Central Bank’s activities during 2007. However, the discussion in the Committee on Monetary Affairs could obviously not fail to analyse the future challenges to the European Union's monetary policy and its regulators.
With regard to the remit of the European Central Bank (ECB), as provided for by the Treaties, we have to recognise the value of its work in 2007. Although it was unable to avoid monetary turbulence and the consequent crisis in economic growth that we are living through, it succeeded in mitigating many of the negative consequences of the current situation. I think the main issue remains whether the European Union’s current policies and instruments will allow us to definitively overcome the serious crisis in the world economy and its consequences for Europe.
A crisis is not necessarily a catastrophe. However, we can only stop a crisis from becoming a catastrophe if we have a correct vision of the future, unencumbered by obsolete orthodoxies and focused on the nature of the new phenomena we have to deal with and overcome. It is unacceptable to defend non-compliance with the rules in force, and we must contribute to the policy debate by developing proposals that seek to change the current situation.
Mr Schmidt’s report presents some ways forward: improve cooperation between the central banks and regulatory authorities in the struggle to reconcile financial deregulation and regulation; create a framework for the ECB’s financial management role; promote coordination of economic policies between the Eurogroup, the Commission and the ECB; improve transparency of decision-making; and more than anything else, provide information that allows the public to understand ECB measures; promote structural reform of the Bank’s governance; manage interest rates with great care, avoiding speculative interventions and inadequate market discounts, in order not to endanger investment policy, job creation, structural reform and economic growth. Independently of all this, which is already rather a lot, we also need to understand we are facing a difficult economic and social crisis, the extent of which we do not yet know. However, we do know it will get a lot worse before it gets better.
We are under no illusions that the remedies at our disposal will be capable of resolving current problems. To recognise the situation is not to be defeatist, but rather to show good sense. We are probably on the threshold of identifying the political solutions to our problems. This is certainly not the end of the world and much less the end of History. We can only ask the ECB for cooperation, competence, transparency and flexibility with regard to its remit and to never exceed its remit."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples