Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-04-Speech-3-157"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2001-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:VOTE2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20010704.3.3-157"2
lpv:hasSubsequent	lp_eu:2001-07-04-Speech-3-1582
lpv:speaker	lp:Gary Titley2
lpv:spoken text	". I welcome this third annual report by the Governor of the European Central Bank, Mr Duisenberg. I regret, however, that the ECB does not follow the high standards of transparency, accountability and openness set by the Bank of England. The Bank of England was granted operational independence in May 1997 in one of the first acts of the incoming Labour Government. Minutes of meetings of its Monetary Policy Committee, including voting records and reasoning, are now published after about 6 weeks. This boosts market confidence in its decisions and is a great example of open government. It can surely be no coincidence that, since the Labour Government’s brave decision in May 1997, Britain has enjoyed an unprecedented period of economic stability. It can also be no coincidence that the Labour Government’s decision was criticised at the time by the boom-and-bust Tories, who have an outstanding record on economic instability and incompetence. The ECB will not have the full confidence of the market until it becomes more open. Mr Duisenberg will surely face a challenge second to none with the introduction of euro banknotes on 1 January 2002. I welcome the ECB’s decision to distribute euro coins to consumers and larger banknotes to business beforehand. However, I am concerned that shoppers and small and medium-sized enterprises will not have smaller notes in their hands until "e-day" itself. This may well give rise to endless chaos and confusion which should be avoided at all costs. The practical changeover to the euro on 1 January 2002 will clearly be a litmus test for the ECB and I very much hope that it will rise to the challenge. I would very much like to see the ECB follow a policy of openness and transparency similar to the Bank of England. It would be perverse for Britain to go from a position of transparency to one of relative secrecy. Therefore, if Britain is ever going to embrace the euro, the ECB must be seen also to embrace greater openness."@en1
lpv:spokenAs	substitute; Delegation to the EU-Slovenia Joint Parliamentary Committee (1999-10-08--2002-01-14)3 unknown; Labour Party (1999-07-20--2004-07-19)3 member; Committee on Foreign Affairs, Human Rights, Common Security and Defence Policy (1999-07-21--2002-01-14)3 member; Delegation to the European Economic Area Joint Parliamentary Committee (EEA) (2000-04-11--2002-01-14)3 member; Conference of Delegation Chairs (1999-07-22--2002-01-14)3 chair; Delegation to the EU-Lithuania Joint Parliamentary Committee (1999-07-22--2002-01-14)3 substitute; Committee on Legal Affairs and the Internal Market (2000-02-16--2002-01-14)3 substitute; Temporary committee on the Echelon interception system (2000-07-06--2001-09-05)3 member; PES (1999-07-20--2003-05-20)3
lpv:unclassifiedMetadata	"Titley (PSE ),"1 "in writing"1

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