BRUSSELS, Sept 11 - Following is a selection of comments from Jean-Claude Trichet, European Central Bank chief-designate, at his confirmation hearing with the European Parliament's Economic and Monetary Affairs Committee.
LATEST COMMENTS
STABILITY PACT
"What all my colleagues, without exception, say and what Wim (Duisenberg) said yesterday, we support the Commission morally in the work that it has to do as guardian of the Stability and Growth Pact." "Our economic assessment of the situation is this, to say given the current deficit some member states have...we can't just continue like that. It's not appropriate from an economic point of view..."
FOSTERING GROWTH "I want to tell you that we are conscious of the fact that with price stability we are gaining also the right to have market interest rates that are fostering growth."
EARLIER COMMENTS
U.S. DEFICITS
"But we are European, we have to consider what's best for Europe and I must say that...I wouldn't use the example of the USA to say that we should have more external deficit and more internal deficit in Europe. I don't think that would be necessarily appropriate."
PUBLISHING VOTES
"I have to say that after having very, very, very profoundly weighed the assets and liabilities associated with the publication of those, we now think that they are more of a liability than an asset. Because we have a very special institution, becasue Europe is unique -- Europe is not the U.S., Europe is not the U.K. -- because there is this permanent sentiment that national interests are to be judged and balanced when we have the rule that we are all representatives of the superior interests of Europe as a whole, of the euro as a single currency and certainly not because of these national interests."
PRICE STABILITY
"Ensuring price stability promises to ensure the highest level possible of confidence in the saver's constituency and ... also the best outcome as far as market interest rates are concerned." "It is a necessary condition, it is not a sufficient condition... Structural reforms are of the essence to elevate the growth potential and... of course appropriate and sound budget and fiscal policies are another condition for growth in the long-run."
"There was no contradiction in the vision of...those who signed the Maastricht treaty, those who approved the Maastricht treaty, no contradiction between price stability on the one hand and growth and job creation on the other hand."
STABILITY PACT
"As Wim Duisenberg said, we consider the (European) Commission as the guardians of the Stability and Growth Pact and we encourage the Stability and Growth Pact to be implemented as is crystallised in the text of the Stability and Growth Pact. And it seems to me that it is up to all partners to be up to their responsibility."
INTEREST RATES
"...we really were able to pass on to the euro this heritage of credibility and confidence which had been acquired and which made it possible to have very low market interest rates over five, 10 or 30 years."
CONFIDENCE IN CURRENCY
"Trust and confidence in the currency is what enables the currency to be a good instrument and which allows us to have the best possible financial environment."