Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-26-Speech-2-097"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"1999-10-26"^^xsd:date2
dcterms:Is Part Of	lp_eu:ECB annual report2
dcterms:Language	"nl"^^xsd:language2
lpv:document identification number	"en.19991026.3.2-097"2
lpv:hasSubsequent	lp_eu:1999-10-26-Speech-2-0982
lpv:speaker	lp:Johannes Blokland2
lpv:spokenAs	unknown; Staatkundig Gereformeerde Partij - Gereformeerd Politiek Verbond - Reformatorisch Politieke Federatie (1999-07-20--2002-03-17)3 co-chair; EDD (1999-07-20--2001-01-29)3 member; Committee on the Environment, Public Health and Consumer Policy (1999-07-21--2002-01-14)3 substitute; ECON (1999-07-21--2000-02-02)3 member; Delegation to the EU-Slovak Republic Joint Parliamentary Committee (1999-09-28--2002-01-14)3 substitute; Delegation to the EU-Slovenia Joint Parliamentary Committee (1999-09-29--2002-01-14)3
lpv:translated text	"Mr President, the ECB’s first annual report looks back over 1998, a year dominated by the build-up to the launch of the single currency on 1 January 1999. The transition to the third stage of EMU proceeded fairly uneventfully. We can justifiably be pleased about that. But it has since become apparent that bringing about the monetary union of eleven Member States also has its drawbacks. These negative effects could, in the main, have been foreseen, but this Parliament never gave them serious attention during the run-up to EMU. One issue that is now receiving people’s undivided attention is that of the divergent rate of inflation in the euro countries. Currency depreciation is significantly higher in Ireland, Spain and the Netherlands in particular. There will be no change here in the foreseeable future. According to the estimates published by the IMF yesterday, the Netherlands can expect inflation to be at 2.3% next year. The constant rise in consumer spending is prompting the Dutch Government to make concerned and admonishing comments, but it is doing the wrong things in policy terms: tax reductions instead of debt reduction. Following an inquiry into the situation, the ECB concluded that the differing rates of inflation ought not to be a major cause for concern. Regional differences in the rate of inflation are in fact greater still in the United States. However, federal states in the US benefit from automatic stabilisers coming into play via the federal budget. The mobility of labour is also much greater in the United States. I tend to feel that the ECB wants to play fast and loose and I would like its President to clarify his position. I also want to ask him if the banking supervision system needs to be adapted. As things stand it is decentralised and that is fine, but is the supervisory process not rendered more difficult by transnational mergers with banks outside the euro area? I would be pleased to hear what you intend to do about this."@en1

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