Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-041"
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"en.20000705.2.3-041"2
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"Mr President, the Radwan report has addressed honestly many of the issues which relate to the functioning of the Central Bank, ranging from prudential banking supervision and the cost of international money transfers on the one hand, to convergence requirements for applicant countries and the role of this Parliament in providing the framework for the accountability of the ECB on the other.
I welcome the calls for greater transparency which I consider is the bank's best defence against calls to amend the Treaty to reduce its operational independence, and Mr Duisenberg has undertaken to publish the econometric models, for which he should be congratulated. I would also urge publishing the minutes and the voting patterns of the Governing Council, as winning the trust and the confidence of the markets is vital, especially for such a young institution.
The report welcomes the fact the ECB does not interpret its responsibility for stability policy one-sidedly, but that, in addition to inflation, it also monitors deflationary tendencies. This is also important. We all value economic and price stability, and the new paradigm in the United States gives us hope that such stability, including a balanced budget over the economic cycle, is consistent with growth and the steady reduction in unemployment.
The report, however, does not examine the markets' lack of confidence in the euro and the huge capital outflows from Europe over the past year. I believe this is due to the lack of faith in the core Euroland countries' ability to govern and deliver fundamental structural reforms under their current governments, which Otmar Issing, the bank's chief economist, has referred to as the serious structural rigidities in Europe's labour markets and pensions systems.
Lastly, as a British member, I do not think it is fair that candidate countries should be subject to any stricter application of the Maastricht convergence criteria for joining EMU than the existing members and, as an out-country member, I urge the Commission to consider the flexible European model that we British Conservatives have adopted, allowing these countries to opt out of EMU in future if they so wish after joining."@en1
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substitute; Committee on the Environment, Public Health and Consumer Policy (1999-07-21--2002-01-14)3
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