Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-26-Speech-2-102"
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"en.19991026.3.2-102"2
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"Mr President, Mr Duisenberg, it is probably not necessary to say it, but please allow me to emphasise, as a humble MEP from a small country – the Basque Country – that you have a lot of power but it is a democratic power. And contrary to what somebody said a little while ago, we do know who granted that power.
In the current phase of European construction we are seeing significant economic and monetary integration processes, which have been speeded up since the adoption of the single currency. In the real economy we are witnessing great mergers and concentrations which must be carried out in accordance with good practice and respect for consumer rights.
At an institutional level the Central Bank plays a key role and we would also like this role to be counterbalanced with the transparency demanded of those institutions which result from the votes of the citizens.
Somebody said that one should not grow fond of banks because they will never grow fond of you. We do not intend to present you with a rosy picture or a wonderful idyll, but we do not believe that it is too much to ask that at least they are transparent with the citizens of Europe who are affected by their policies and measures.
In general terms we agree with the Huhne report, which emphasises the quality of the annual report of the ECB and the progress made in the communication of the Bank’s policy.
We also agree with the measures proposed with regard to the increase in transparency and the need to clarify what the European Central Bank understands monetary policy to be, beyond price stability – which is evidently its main function – because this will undoubtedly contribute to an appropriate and balanced policy mix which is aimed at promoting sustainable development and lasting employment.
I must insist once again on transparency: do not apply a bandage until you are injured. Mr Solbes said in an appearance before this Parliament that he would try to cooperate with the Members without prejudice to the quality of his work. Transparency does not have to be incompatible with the protection of aims of monetary policy.
We are not asking for miracles nor that a great song and dance be made about what is going to be done, but simply that its management model be more transparent. If you take note of what other Central Banks have done and if you trust in this Parliament, have no doubt that we will make progress with transparency without endangering the objectives of the European Central Bank."@en1
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