Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-014"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-07-09"^^xsd:date2
dcterms:Is Part Of	lp_eu:Report on the ECB annual report for 2007 (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20080709.2.3-014"2
lpv:hasSubsequent	lp_eu:2008-07-09-Speech-3-0152
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Delegation to the EU-Mexico Joint Parliamentary Committee (2004-09-15--2009-07-13)3 substitute; IMCO (2007-02-05--2009-07-13)3 member; ECON (2007-01-31--2009-07-13)3 substitute; Delegation for relations with Australia and New Zealand (2007-03-15--2009-07-13)3 substitute; Delegation for relations with Switzerland, Iceland and Norway and to the European Economic Area (EEA) Joint Parliamentary Committee (2004-09-15--2009-07-13)3 unknown; Freie Demokratische Partei - Die Liberalen (2004-07-20--2009-07-13)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2009-07-13)3 member; ALDE (2004-07-20--2009-07-13)3
lpv:translated text	"Mr President, Mr Trichet and Mr Juncker, ladies and gentlemen, I should like to second the compliment from the previous speaker. The ECB did indeed act promptly and competently right at the start of the financial crisis, and without that decisiveness the crisis would probably have turned out much worse. It is not over yet, but through its decisiveness the Bank has not only demonstrated its credibility, it has become a kind of model for competent central bank action and a kind of example for other central banks. However, I fear that the Central Bank still has the most difficult phase ahead of it. The next eighteen months will be the really critical test of whether the Bank can still retain its credibility. I hope it can. We have galloping oil and raw materials prices, we have escalating food prices and we have inflation. Mr Trichet spoke of 4% in the euro zone. In many Member States it is in fact almost 6%, and the euro is unbelievably strong. Thus the risk of stagflation is very real. We need to ensure that we really ward off that risk at an early stage. Therefore, in those circumstances, I welcome the fact that the Central Bank proved itself through its interest decisions last week. Certainly combating inflation is and will continue to be our main task. When Germany was going through a period of stagflation several decades ago, Chancellor Schmidt said that for him 5% inflation was better than 5% unemployment. He was thus directly opposed to the Bundesbank. It turned out that the policy of the Bundesbank to combat inflation immediately and decisively was the right one. Germany emerged from stagflation more quickly than many other countries. I do not have any advice to give the Central Bank. It knows better than anyone what it has to do. I have three wishes. Two of them have already been granted. I would like to see the dialogue between the Central Bank and the Eurogroup and Mr Juncker, the Eurogroup President, proceed smoothly. I believe that is now happening. I would like to see closer cooperation not just between the Central Banks but also between the Central Bank and the supervisory authorities. That too is already in the offing. Finally – and here I unfortunately have a negative answer from Mr Trichet – I should like us to receive more information on decision-making. We do not want to know names, but we want to know if the decision was by a narrow or a clear majority and whether there was a great deal of debate or not much."@en1

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