Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-12-18-Speech-3-069"
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"en.20021218.4.3-069"2
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".
The EC Treaty specifies that the European System of Central Banks shall have price stability as its principal objective. So far, however, there has been no single instrument to record, transmit and evaluate labour costs, which constitute the most significant factor in price stability. The Common Position that is before us will close this gap.
It is with satisfaction that I note that the rapporteur has given his approval to the Council draft, without tabling any new amendments. Also to be welcomed is the idea, put forward in the Critical Appraisal, of developing a productivity index enabling increases in labour costs to be measured in relation to growth in productivity. Our esteemed colleague could not, however, restrain himself from pointing out in his Critical Appraisal that he does not share the Commission’s, and the Council's, viewpoint that labour costs are one of the largest sources of inflation. I regret that I am unable to share the rapporteur's viewpoint. If you want to understand the potential influence of total salary on changing prices, it is enough to consider the proportion of salary costs to the overall costs of any business, be it large or small. The argument adduced by the rapporteur to the effect that salary increases are only the result of increases in the cost of living, is like the question of whether it was the chicken or the egg that came first."@en1
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