Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-024"
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"en.20000705.2.3-024"2
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"Mr President, I would like to congratulate Mr Duisenberg on a successful year in running euro monetary policy. Clearly what matters is internal price stability, and the external value of the euro is of much less significance. Indeed that was one of the reasons for creating the euro in the first place: it was precisely to protect the European economy from the volatility of the foreign exchanges to which Mr Goebbels has just referred.
I am particularly pleased, too, that Mr Duisenberg has reiterated his promise to publish forecasts and econometric models, and I entirely understand his caveats. I hope that when he publishes the macroeconometric model he will do so in a form which makes it available and easily usable by outside researchers, perhaps on CD-ROM.
However, in connection with Parliament's view of last year I would urge Mr Duisenberg to reconsider a formal framework for the publication of summary minutes. As he said, much of the debate which happens within the Council is filtering out in the form of discussion within the monthly bulletin, but this is not the same as a regular report with a formal framework in which it is discussed. That would help anchor expectations within the market, as well as fulfilling the important accountability mandate of the ECB.
It is also clearly crucial the ECB should look only at the euro zone as a whole in terms of its inflation and price stability objective. It is essential to point out that different growth trends exist within the different national components of the euro zone economy, and that this implies different sustainable wage growth rates over time. That is why it is important that there should be an overall discussion of what potential sustainable growth rates of wages are in each of the component parts of the euro zone economy, and why this will actually help deliver low inflation combined with low unemployment.
Those are the main points I would like to make. I would also very much like to back Mr Goebbels' remarks about the importance of enlargement, namely that we should not have two standards – one for us and one for them. I very much hope that we will continue to apply the criteria of the Treaty, no more and no less."@en1
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