Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-035"
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"en.20000705.2.3-035"2
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"Mr President, whatever the value of the euro, the primary objective of the European Central Bank, as you have reminded us, Mr Duisenberg, is to maintain price stability without worrying about the economic and social consequences which come in the wake of these decisions.
That is why the ECB can increase its interest rates, at the risk of slowing down investment and dampening growth. This hike follows on from the increase in American rates. The persistent weakness of the euro against the dollar is also the result of the huge drain on capital leaving the European Union. According to experts, nearly 950 billion French francs net poured out of the euro zone in 1999 in the form of direct investments abroad, i.e. 43% more than in 1998.
In short, the euro is used mainly for borrowing in order to finance speculative projects, even as far away as the United States. The decision to compete with the United States by promoting the financial markets leads up a blind alley. It needs a boom in employment, training, research and salaries to enable us to develop a resolutely modern European social model.
To do so, social and monetary sides must join forces. But the ECB is the only master on board when it comes to monetary policy. In the name of the fight against inflation and strict compliance with the Stability Pact, it even goes so far as to call the governments of the Member States to order, but never has a word to say in criticism of the speculation sweeping the financial markets. It advocates wage restraint, flexibility and job insecurity. It fans the flames of privatisation in order to boost competitiveness and the return on capital. It also advocates ‘modernising’ social protection and reducing unemployment costs, thus applying the same logic as the agreement in France between employers and two trades union, an agreement which punishes the unemployed and makes them feel guilty.
We must re-open the debate on the remit of the European Central Bank in order to find a new credit policy which takes account of employment criteria. We cannot merely tack a social chapter on to neo-liberal economic policy. The alternative in a truly social Europe would be to substitute a growth, employment and training pact for the stability pact. And if we are to implement this approach, it is vital that we strengthen control of the ECB by the European Parliament and the national parliaments."@en1
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