Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-03-Speech-4-119"
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"en.20030703.5.4-119"2
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".
The scant importance accorded to Parliament’s reports on monetary policy is understandable. Instead of conducting a genuinely critical analysis of the implementation of monetary policy, the same old arguments are repeated, regardless of the economic climate. It is no surprise, then, that this report should begin with the words ‘[c]ongratulates once again the ECB for a successful introduction [of the euro]’, and concludes cheerfully ‘that the ECB reacted correctly to economic and financial developments’. All this is always packaged in the dogmas of service, support for the Stability Pact and flexibility of the labour market.
We know that a rigid monetary policy means that adjustments made to overcome economic crises are reflected in salaries and employment, affecting internal demand and increasing inequality, poverty, and social exclusion. One cannot help but notice that the present climate of recession in the EU, and the disparities between inflation rates, demonstrate that a single monetary policy cannot respond effectively to the needs of Member States at different stages of economic development.
I therefore insist once more on the need for an in-depth review of the guidelines for monetary and budgetary policy. Their inflexibility has not only contributed to a failure to seize on the potential for economic growth in the last few years, but is also primarily responsible for the current recession and concomitant increase in unemployment. That is why we voted against the report."@en1
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