The new president of the European Central Bank, Wim Duisenberg, admitted before MEPs that the Bank would have to work hard to gain acceptance on the international markets and that he was determined to do just that. "We need credibility, we need confidence, and we will not get that for nothing," he emphasised.
Dr Duisenberg was presenting the final annual report of the European Monetary Institute which made way for the ECB after undertaking much of the groundwork for European Economic and Monetary Union.
He was attacked by MEPs for previously insisting that the minutes of the ECB's executive board would not be published for 16 years. Speakers such as Alan Donnelly (UK, PES) had stressed the need for the ECB to earn the confidence of EU citizens. "You cannot earn that confidence by sitting in secret in an office in Frankfurt," said Mr Donnelly, "you cannot earn it. . . without ensuring that citizens are informed about the way in which you do your work and the decisions that you take."
Dr Duisenberg agreed that whenever decisions were taken, they would be published as soon as possible and be accompanied by the fullest possible explanation.
He also concurred with the call from MEPs that it was essential that the ECB should have an "intensive and open dialogue with the European Parliament". Indeed, he had already agreed to appear before the relevant Parliament committee four times a year. Speakers in the debate stressed that this was a way of bringing the Bank closer to the citizens of Europe, by locking it to their elected representatives in Parliament.
Dr Duisenberg also responded to the concerns of MEPs such as Pat the Cope Gallagher (Connacht/Ulster, UFE), who wanted to ensure that the needs of the visually impaired were considered in the production of the seven euro banknotes. He noted that they would be of different sizes and that the numbers on the notes would be embossed or "feelable". The colours of the seven banknotes would also be very different and easily recognisable, even for those with only very partial sight.
Dr Duisenberg also came under fire for having in the past refused to divulge his salary. After heavy questioning, he claimed that he did not know exactly how much he would be paid, but stressed that it was "no state secret" and that it would be around £160,000 per annum.
There was general satisfaction among MEPs following Dr Duisenberg's speech that he appreciated their concerns. Referring to his agreement to issue the Bank's minutes, Mr Donnelly noted, "we will have to wait and see what gets published, but at least he is moving in the right direction."