Your error correction parameter measures your speed of adjustment in VECM but you need to be very careful in the analysis because data collection frequency either annually, quarterly or monthly plays a major role when interpreting the results. Long-term multiplier and speed of adjustment is pointing to the same thing...Long term effects of X on Y. Let me know if you have any other question(s).

the ECM measures the speed of adjustment of long run equation through the value and significance of the error term(t-1) calculated from the long term relationship. if the coefficient is equal to 0.35, it means that there is 35% of desequilibrium in short run it could be also interpreted as indicator of effectiveness if the relationship in financial market or production in market. 

Hello Said and Emma, thanks for your responses. One last question I have is :what is the difference between the Long-term multiplier and speed of adjustment , and how can you get them from the Eviews VEC output? thanks