Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-102"

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"en.20030923.4.2-102"2
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". Today we have to choose a new president of the European Central Bank, but there is not really any choice at all. From the outset the intention was for the bank to be located in Germany with a Frenchman at the helm. As the Dutchman Wim Duisenberg had done the groundwork for the ECB, he was ultimately given the presidency for a short time. It was known when he was appointed that a compromise had been reached in which the eight-year term would be shared between Mr Duisenberg and Mr Trichet. Mr Trichet was thus assured of this post, albeit for only half the period, from the start. That threatened to go awry when it looked as if Mr Trichet was going to go to prison. It has now been suggested that he be given a further period of eight years. As an argument in favour of his appointment it is now being said that, unlike the government in his country, he will adhere strictly to the 3% ceiling for national budget deficits in the Stability Pact. That ceiling is turning into a recipe for disaster. Large Member States are not managing to achieve it; poor Member States will certainly not be able to. In the Netherlands, which is adhering to it, everything that is valuable is being cut back to nothing. Against this background I see no reason whatsoever to approve the candidature of Mr Trichet."@en1

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