Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-032"
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"en.20000705.2.3-032"2
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"Mr President, no one denies, Mr Duisenberg, that you and the European Central Bank are operating a very competent and successful monetary policy. Nevertheless, people’s concerns about the euro’s low exchange rate need to be taken far more seriously, because it is one of the root causes of inflationary trends and higher interest rates. However, the real and very fundamental criticisms I want to make relate to other areas. The report welcomes the improvement in the ECB’s information policy. Yet we are refused the information we really need – publication of the minutes of meetings – on the grounds of the ECB’s independence. But the ECB is not privately owned. It should be fully accountable to the people who own it, the citizens of the European Union. It is one of the European Union’s most powerful institutions and this complete surrender of policy and democracy to the ECB cannot continue.
There is a second problem that worries me.
Yes, and why not? There is a second problem that worries me. This narrowing of monetary and financial policy down to price stability is reflected in paragraph 9 of your report, Mr Radwan, where the rather revealing wording states that developments in labour markets and social security systems should support the ECB’s stability policy, rather than the reverse, which would be more appropriate in view of the dramatic problems in these fields.
Lastly, I wish to raise a third question, which I will at least touch upon. There is not a word in the report about the unparalleled over-expansion of international speculative financial markets. In my view, this will result in inflationary trends in the medium term, and at present it is the cause of a totally unacceptable shift away from companies dependent on labour and real economic factors and towards speculative profit making. I hope that it will at last be possible to have a serious and essential debate with you about this trend and about instruments capable of influencing it, such as the Tobin Tax."@en1
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