Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-10-Speech-1-093"
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"en.20000410.5.1-093"2
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"Mr President, it is very regrettable that this common position, which has been put together with such care by the Council and which paid due respect to the Parliament's views at first reading, is now in the process of unravelling. I think we are going to lose a rather useful piece of legislation which would have put in place a necessary supervisory framework for one of the growth areas in financial services, namely the storage of cash on plastic cards and other forms of e-money.
The concerns which have been expressed by the European Central Bank, which have largely, but perhaps not fully, been taken on board, are coming out in a way which is likely to damage the potential for this business to develop. The concerns, particularly about the waiver, are misguided precisely because it would be very limited: it would be limited to only EUR 150 on any particular card. Every issuer would be supervised by national authorities and we know that the potential for money-supply growth caused by this sort of issuance would be extremely slight given the sort of schemes which are already operating in a number of Member States: for example, on university campuses a student may be able to use this piece of plastic to buy something in a bar, or in a canteen, or in the university bookshop.
The reality is that other Community central banks – notably the Swedish Riksbank, the Bank of England – do not have these concerns about money creation. If we look at the reality of the ECB's concerns over the last few years, we can see that there has not been a stable relationship between the money supply and the growth of nominal income. There has been a substantial variation in the velocity of circulation because of new developments within the financial services industry and this is merely another one of those. Therefore, in the years before the ECB took charge of euro-zone monetary policy, the Bundesbank itself was not able to respect the growth of its money supply targets.
What we have here is an attempt, when we see that a particular theory of monetary control is not working and does not accord with reality, to squeeze that reality back into the theory, to the detriment of the innovatory capacity of the Member States and of their financial systems. That is very regrettable. There are a lot of safeguards that the Commission has put in here that the Council has carefully discussed and I very much hope that we will fully support the Council common position on this matter."@en1
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"Huhne (ELDR )"1
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