Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-031"
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"en.20080709.2.3-031"2
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"Ladies and gentlemen, the impact of the American financial crisis on the world economy has been an unexpected and unwanted present on the occasion of the 10th anniversary of Economic and Monetary Union. Rising inflation is another current problem. The ECB has perfectly managed the turmoil in world financial markets, provided liquidity in the amount of EUR 95 billion and carried out further fine-tuning operations to stabilise the very short-term interest rates. Once again this has shown the benefits of the European Union’s common monetary policy for both the European economy and individual citizens in periods of instability. According to Article 105 of the EC Treaty, the ECB shall also support the general economic policies in the Community. Now the ECB has to meet the challenges of rising inflation on the one hand and an economic slowdown on the other hand. This is not only a challenge but also a real test of the independence of the ECB and the European System of Central Banks.
By means of the Treaty of Lisbon, the ECB will become an institution with legal personality and a clearly established independent status. On the other hand, the continuous integration of financial systems calls for closer cooperation with central banks of individual Member States. There are voices warning that the independence of the ECB is in danger, one of the reasons being that the informal meetings of the Finance Ministers of the Eurozone will receive, under the Treaty of Lisbon, an official status. We can already hear arguments as to the Ministers’ ability to debate whether or not the inflation target is set correctly.
I think that it is very important to distinguish between professional and political arguments that have their place in a democratic society and actual interference with the European Central Bank’s fiscal policy. Considering the painful birth of the Treaty of Lisbon, making such a distinction will be an extremely important task both for us in this House and, of course, for the media. To conclude, I should like to thank the rapporteurs for the balanced and highly professional report assessing the ECB annual report."@en1
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