Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-012"
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"en.20080709.2.3-012"2
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"Welcome to the two Jean-Claudes, President Trichet and President Juncker!
On 2 June we had a major celebration in Frankfurt am Main, the city where the D-mark and the euro were introduced – ten years of European Economic and Monetary Union. It is thanks to the ECB that the euro has become established internationally and that price stability has remained the primary goal at all times. It was logical that a few days ago the ECB used its most effective weapon to influence the base rate and raise it by a quarter of a per cent. The aim was, and still is, to curb inflation risks created by high living costs, by escalating petrol and oil prices.
This time the ECB announced its measures weeks ahead. It acted differently in the Spring: large-scale effective action within a few hours. The report by Mr Schmidt – an excellent report, on which we worked well together – specifically welcomes that. In the second half of 2007 the property market collapsed. In the sub-prime crisis, banks and insurance companies that had been gambling found themselves in difficulties. The ECB very quickly made adequate funds available, thereby preventing a cross-border collapse.
This speed and effectiveness are evidence of strong action, based on competence and greater trust in your institution. I think that ECB decisions are generally transparent, based on a good flow of information and open objectives. In the monetary dialogue the ECB regularly reports to us in the Committee on Economic and Monetary Affairs on financial policy decisions.
In my view, there is little point in the publication of minutes of board meetings that is often called for. National influence has to be prevented. Unlimited independence is needed. Normally, Mr President, we MEPs have plenty of occasion to criticise. Today, may I express high praise for what has been said, with businesses and citizens in good hands, on the one hand to Mr Trichet and your bank, the ECB in Frankfurt am Main, and on the other hand, of course, to the admirable Jean-Claude Juncker."@en1
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