Finally, I should like to conclude with some remarks about the role of the Eurosystem (the term that we use to mean the ECB and the 11 national central banks of the Member States participating in Stage Three of EMU) in the developments in the financial sector in Europe. First of all, the Eurosystem contributes to developments in the financial sector by providing it with a stable and credible monetary policy. With a strong and credible commitment to its primary objective, price stability, the Eurosystem has created a situation in which the financial sector can concentrate on those issues that are of the greatest relevance to its activities.
The Eurosystem does not play a direct role in structural developments in the financial sector. With its single monetary policy framework and TARGET in particular, the Eurosystem has created an infrastructure that has proved to be useful for the establishment of an integrated money market in the euro area.
In addition, the Eurosystem carefully monitors structural developments in the financial sector to the extent that they might have an impact on the conduct of monetary policy. To make a final point, in observing developments in the financial sector, the Eurosystem constantly takes account of the fact that one of its tasks, laid down in the Treaty establishing the European Community, is to "contribute to the smooth conduct of policies pursued by the competent authorities relating to (…) the stability of the financial system" [(Article 105 (5))]. Analysis of the common developments in the European financial system represents such a contribution.
Economic and Monetary Union in Europe - the challenges ahead
Speech by Professor Dr. L.H. Hoogduin,
on behalf of Dr. Willem F. Duisenberg,
President of the European Central Bank,
at the symposium sponsored by the Federal Reserve Bank of Kansas City
on "New challenges for monetary policy"
on 27 August 1999 in Jackson Hole, Wyoming
From the European perspective, the title of this year's Jackson Hole symposium - "new challenges for monetary policy" - is particularly appropriate. Economic and Monetary Union (EMU) in Europe is a unique project and its consummation with the introduction of the single monetary policy on 1 January 1999 took place less than eight months ago. Today, given the time available, I will not endeavour to review all the challenges which are raised by EMU comprehensively. I shall have to be selective, largely focusing on the primary objective of the Eurosystem, which is to maintain price stability in the euro area. In this context, let me briefly explain our terminology, which may perhaps not be known to everybody as yet. The "Eurosystem" is the name we gave to the European Central Bank (ECB) and the currently eleven national central banks of those countries which have introduced the euro. The "euro area" comprises these eleven countries.
I should like to start with some observations on the objective and limitations of monetary policy in the euro area. Owing to the successful process of disinflation and convergence within Europe over the past decade, the launch of the euro last January took place in an environment of price stability that few observers would have predicted only a few years ago. Consumers and firms are already reaping the benefits of this environment. The relative price signals on which the efficiency of the market mechanism relies are not obscured by volatility in the general level of prices. By avoiding the costs and distortions inflation would impose on the economy, price stability is contributing to the growth and employment potential of the euro area.
This contribution is substantial. Unfortunately, it is all too easily taken for granted. Memories of the still recent past relating to the consequences of high and unstable inflation tend to fade rapidly. We are sometimes already hearing the argument that, given that price stability has been achieved, monetary policy should now be re-oriented away from its primary objective of price stability towards other goals. One of the challenges facing the Eurosystem is to maintain the support of the broad public constituency necessary to resist these calls, which - as I hardly need to point out to such a distinguished audience of central bankers and monetary economists - are misguided and ultimately counter-productive. However, it can be said that the situation is the same as that in the world of sports; winning a championship and reaching the top is difficult, but staying there is even harder.
The institutional framework for European monetary policy, as created by the Maastricht Treaty (i.e. the Treaty on European Union, which has become part of the Treaty establishing the European Community, or the EC Treaty, in short) is well suited to meeting this challenge. Most importantly, the single monetary policy has been clearly assigned the primary objective of maintaining price stability in the euro area. To facilitate the achievement of this goal, the ECB and the national central banks have been accorded a high degree of institutional independence so as to protect monetary policy decisions from undue external interference.
Реферат опубликован: 12/08/2008