Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-280-500"
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"en.20111201.35.4-280-500"2
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"The European Central Bank (ECB) has so far been very successful in holding the Harmonised Indices of Consumer Prices inflation at a level of around 2%, despite a number of shocks at the macro-financial level and fluctuating commodity prices, and at a time of low average growth in the Union in terms of GDP. However, there is concern over the impact of higher interest rates on economic growth in the euro area, as it might impede what is, in any case, a slow recovery in the euro area, particularly in the weaker economies. In accordance with Article 282 of the Treaty on the Functioning of the European Union, the main aim of the ECB is to maintain price stability, which contributes to financial stability and appropriate liquidity on financial markets. On the other hand, financial instability is a serious risk for medium-term price stability, since it prevents the smooth operation of currency policy transmission mechanisms. The persistent lack of economic convergence – a situation which is actually constantly deteriorating – remains a structural problem for single currency policy in the euro area. Equally, the impact of currency policy on the different euro area Member States varies substantially, and the assumption is, based on all the evidence, that this asymmetry will further deteriorate if the ECB raises interest rates. This is because most loans are indexed with reference to short-term interest rates in many Member States. For this reason, too, common fiscal governance at Union level is vitally necessary. I firmly believe that much closer international coordination is necessary in order to increase the stability of the global currency system."@en1
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