Spain's candidate for the European Central Bank's Executive Board said on Tuesday said achieving price stability is the best way for monetary policy to support sustainable growth. Jose Manuel Gonzalez-Paramo, who is being vetted by the European Parliament's Committee for Economic and Monetary Affairs, said all economic policies needed to be sustainable and credible to improve productivity in Europe as set down in the Lisbon Agenda. "The contribution of monetary policy to sustainable growth and improving living standards of citizens is a firm committment...to medium-term price stability," Gonzalez-Paramo said.
Gonzalez-Paramo would be appointed for an eight-year term and would replace fellow countryman Eugenio Domingo Solans, whose six-year stint on the executive ends on May 31. Gonzalez-Paramo, a governing board member of the Bank of Spain, is also scheduled to be voted on by the full European Parliament later this month before his candidacy goes to European Union leaders where he is expected to receive final approval.//