Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-100"
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"en.20030923.4.2-100"2
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".
Predictably, Mr Trichet, President-Elect of the European Central Bank (ECB), has reaffirmed and reinforced the EU’s current economic ‘triangle’, based on price stability, the Stability Pact, and the ‘Lisbon strategy’, despite the increasingly obvious incompatibility of this ‘triangle’ with economic growth and employment.
In his answers to the questionnaire, Mr Trichet reaffirms that price stability is a prerequisite for growth, ‘by limiting the rise in unit production costs’ – in other words, through wage restraint, reductions in real wages and increases in productivity, but only for employers, in this case. Mr Trichet also mentions the consensus among EU governments on the ‘Lisbon strategy’, and the need to emphasise the approach based on structural reforms, by which he means liberalisation, increasing the flexibility of the labour market and gradually privatising pensions.
Finally, he reaffirms the Stability Pact’s 3% threshold, claiming that no government has called for it to be altered and that the Commission has shown it to be essential. This is rather ironic, given that France is about to fail, for the third year in a row, to comply with that very requirement. Mr Trichet also supports amendments to the ECB’s voting procedures, which fundamentally distance countries like Portugal from the financial decision-making process.
That is why we voted against this report."@en1
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