Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-17-Speech-3-395"
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"en.20081217.24.3-395"2
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"Madam President, our report on the first ten years of the euro – EMU 10 – which I have had the opportunity to present to the Members in this House and to Parliament’s Committee on Economic and Monetary Affairs, includes an analysis of the course of inflation and the instruments used in monetary policy, among others.
We carried out this analysis very carefully so as not to cast the slightest doubt on our respect for the independence of the European Central Bank. Nevertheless, I can also say that, if you look at the inflation figures for the euro area from 1999 to 2007, average inflation in the area every year at year end, when it is possible to calculate the average over the whole year, has always been slightly above the ECB’s price stability target, though very close to it.
I therefore think it can be said that the yearly results since the euro was introduced and since the ECB was put in charge of monetary policy for the euro have been clearly positive, and much better than the results that many economies now in the euro area had when they had their own monetary policies and their own central banks, of course.
For the reasons that I explained to you in my first answer, this latest year of 2008 has been much more complicated, because it has been made up of two radically different halves. The first half of the year was marked by a rise in prices caused by an external, extremely virulent inflationary shock. The second half saw prices plummet for a number of reasons, but mostly because of the economic slowdown and, in our case, the recession into which we are unfortunately sinking.
In such circumstances, it is very easy to criticise any central bank, whether it is based in Frankfurt, Washington, London or any other world capital. Even so, throughout this crisis, ever since August 2007, the ECB has proved to be sound in its analyses, calm in its decision making and successful in its policy orientations.
It was the bank that led the reaction to the subprime crisis in August 2007. I think its actions have been consistent with the mandate it was given by the Treaty, the Council, Parliament and the European Union in general. Right now, I think it is doing what a bank ought to be doing, which is, above all, providing liquidity and preventing the lack of liquidity from generating a credit crunch, which could make things even worse.
What direction the ECB’s decisions will take in future, I cannot say. Mr Trichet, who regularly stands before you, can tell you that in a central banker’s own words. However, having for many years followed the communication from the ECB on the Thursday of the first week of each month, straight after its board meeting, I think it is quite easy to make out not only the decisions it makes, but also, without announcing them in advance, the market orientations and the manner in which it analyses its monetary policy for the coming months."@en1
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