Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-042"
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"en.20000705.2.3-042"2
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"Mr President, Mr President of the European Central Bank, good work! I believe that you have achieved the main objective of the European Central Bank: to maintain price stability. I will go further. If necessary, if you believe it appropriate to raise interest rates, if the objective is price stability, if the inflation objective is in jeopardy, do not be nervous, raise interest rates.
However, I would like to add something. It is not in this area that the European Central Bank deserves most credit, but rather it is in the debate on the external value of the euro that the European Central Bank has remained steadfast, has endured and resisted attacks and pressure from different fronts. The real reason for the external value of our currency is not, from any point of view, the policy of the European Central Bank. It is the attitude and resistance of certain governments – such as, for example, the one which has been mentioned here several times over the last 35 hours
which are ideologically allergic to the economic reforms needed for the European Union to follow the path marked out at the Lisbon Summit.
I would also like to congratulate you on the change of method of adjudication, since the new variable rate system allows more direct control of the monetary aggregate as a result of greater knowledge of the market’s demand curve and, furthermore, allows for certain signals to be sent to the markets on monetary policy. For all of these reasons, Mr President of the European Central Bank, I would like to congratulate you and show you my support."@en1
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