Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-03-Speech-4-017"
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"en.20030703.1.4-017"2
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"Mr President, Mr Duisenberg, ladies and gentlemen, I would like to add my own thanks to those already expressed to Mr Duisenberg, because, with the support of your colleagues and your committees, he has, over the last few years, managed the introduction of the euro in a way that has won growing support from the public. My sincere thanks to you for that, Mr Duisenberg. I have always admired the open and fair way in which you have discussed matters with us here in Parliament.
The arguments we have heard in several speeches today are the same ones that have cropped up again and again in recent years. I have in mind in particular Mrs Randzio-Plath, who asserted once again today that monetary policy can solve Europe's problems. She is mistaken. Structural and fiscal reforms alone cannot achieve the Lisbon objectives. In fact, the reverse is true. Even with a good monetary policy, the Lisbon objectives will not be achievable without structural reforms in the EU Member States. Mrs Randzio-Plath, we have two responsible experts in monetary policy with us today; Mr Duisenberg, for whom I have the highest esteem, and Mr Solbes Mira, whom I also regard very highly. Both of them have their roots in social democracy and are not prepared to accept your proposals. I would also like to express my sincere thanks for the consistent and reliable monetary policy that has prevailed over the last few years.
That is, however, not the only subject we should mention in relation to the annual report, which is presumably the last one for which Mr Duisenberg will be responsible. The latest annual report – of which you can be proud, Mr Duisenberg – refers to the euro's position on the world stage, which it has earned. The euro has now returned to its previous strength; we have overcome the crises involving the euro. We have not put a foot wrong over the last few years.
We have also once again heard that old story about the need for us to have immediate information about the internal decision-making processes of the ECB's committees. I think that is a mistake too. It is precisely this cautious assessment process that has guaranteed the internal stability of the euro in recent years while at the same time enhancing its external stability.
That is why it is also my belief that Mr Duisenberg's well-earned retirement and the appointment of his successor should not involve an arbitrary change in the European Central Bank's strategy. You have already changed the inflation range. It was the right decision not just to aim for the lowest possible inflation target, but to bunch it around 2%. We have heard bellyaching from the left of this House that there is a risk of inflation. That is pure nonsense! The totally normal adjustment of prices and of competitiveness in the euro area has led to varying inflation rates. The same applies to growth rates as well, of course. That is the responsibility of the Member States and that is how things should remain in future. That is why I am pleased that you have adopted this strategy in this way.
It is not the European Central Bank that is responsible for growth in Europe – in any case there are not many further options available in terms of monetary policy. It is the leaders of the governments, of the majority parties, in the three major Member States: Germany, France and Italy. Chancellor Schröder, Prime Minister Raffarin and Prime Minister Berlusconi need to carry out structural reforms. That needs to be our starting point, regardless of the basic political direction. In the long run, it is only by consistently adhering to the Stability and Growth Pact that we will be able to keep the euro internally and externally stable.
On that note, Mr Duisenberg, I would like to thank you for your excellent cooperation, which has been based on trust, and for your successful period of office, and to wish you all the very best for the future."@en1
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