Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-013"
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"en.20030923.1.2-013"2
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"Mr President, a hearing with the president or a governor of the Central Bank always leaves much to be desired, as this person has to be extremely careful in public on account of his position. For the rest, I enjoyed his expertise. Based on the response to the questionnaire drawn up by ECON, I have come to the conclusion that Mr Trichet is like a clone of Mr Duisenberg. I think it will be excellent if this comparison continues to be true in the long-term. The difference between the two was the use of language. You see, psychology is important in monetary policy. Mr Duisenberg never spoke Dutch because English is the main language of the ECB, and as far as I was concerned, Mr Trichet spoke French too much during the hearing. I hope that this does not mean that he will still be a little bit French from a functional point of view, because one would want him to defend the case of the euro in clear language in Paris. The euro will only exist if the people have faith in their currency. For this to happen, we need to have strict enforcement of the rules of the Growth and Stability Pact. I am extremely pleased that Mr Trichet is also of this opinion and is continuing Mr Duisenberg’s policy. It is of the greatest importance that we adhere to the rules of the Stability Pact without political games and without interpreting the rules to promote our own interests. Those who argue for a flexible approach to the rules in order to stimulate growth – I am thinking here of Prime Minister Raffarin, for example, deny or do not understand, or even more seriously, do not want to understand, that the percentages mentioned in the pact already have a structural component which operates within all movements of the economy. I expect Mr Trichet to continue to follow this line in the future and to be consistent when it comes to the execution of the rules and to speak out clearly on this matter in Paris too. I expect the European Commission to do the same and if necessary to impose sanctions on Member States that do not abide by the rules. A tight policy promotes the credibility of monetary union and faith in our euro. According to the classical economy
[the mass custom of acceptance] is the basis for the functioning of money. Our willingness to use the euro in the European Union must be confirmed and increased every day."@en1
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