Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-04-Speech-3-155"
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"en.20010704.3.3-155"2
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".
The report by the European Central Bank under discussion covers its 2nd year in operation following the start of the third stage of EMU. This is precisely why the European Parliament needs to be even stricter and more demanding in its criticism of the ECB’s annual report, because there are results which hit the workers and because it supports closer links between the general guidelines to economic policy and the stability and convergence programmes.
On the pretext of fighting inflation and adhering strictly to the Stability Pact, that ‘plague’ on the workers, the ECB has activated the sanctions mechanism in order to achieve that wonder of wonders, price stability, while ignoring the economic and social impact of its decisions.
It announces that wage policy is to be modernised, for which read flexible and insecure labour, and it is pushing for privatisation across the board in order to promote the competitiveness of and reward big business.
But it says nothing about speculation and "scams" on the money markets, given that its policy of cutting interest rates does everything it can to support them.
So far, the European Central Bank has raised or lowered its interest rates in line with US interest rates in a bid to fund speculation. Will Mr Duisenberg tell us if he subscribes to the views of his counterpart, Mr Greenspan, who feels that the new growth cycle should be based on greater returns from the huge amount of capital at the disposal of companies whose performance is what will shore up stock prices and trigger a new round of investments?
He probably agrees because he has told us that the executive board of the ECB is continuing to monitor wage developments and trends in domestic and foreign demand and that, despite the oil crisis, wage increases were moderate, which he described as highly positive, stressing that inflation will be kept to 2% in 2002 thanks to wage restraint, while the monopolies’ profits will, of course, keep on rising.
What else can we say? The report and the governor of the ECB say it all. They have told us about the acutely negative liberal policy which pushes economies into recession and what they have announced for the workers is greater unemployment, the abolition of everything they have fought for and a guaranteed level of poverty, given that prosperity is reserved for big business, which is getting bigger by the day.
We are therefore against the European Parliament’s supporting the policy of the ECB, because it is a policy which generates more poverty for the many, i.e. for the workers, and more profit for the few, i.e. for the European monopolies. It is a policy of inequality and increased exploitation of the workers.
That is why the MEPs of the Communist Party of Greece voted against the report and we believe that the people will unite in their fight to overturn this anti-grass roots, barbaric and inhumane policy."@en1
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