Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-07-03-Speech-3-119"
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"en.20020703.3.3-119"2
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".
We are categorically opposed to the cruel, strictly monetarist policy of the ECB, a policy which fosters inequality and increasingly exploits the working classes, while safeguarding the profits of and granting privileges to European monopolies.
On the pretext of adhering rigidly to the Stability Pact and fighting inflation, it calls for lower and lower wages and structural changes on the job market, the main objective being to introduce even more flexible working conditions. The excuse of a so-called "healthy environment" for companies and investments is being used to endorse the greed of big business, with a total disregard for the economic and social consequences, the uncertainty and insecurity of the working classes and the huge financial burden which they have to shoulder.
The ECB policy of raising or lowering interest rates, shadowing interest rate policy in the United States, is basically dictated by the need to fund speculative projects which, objectively speaking, result not just in unproductive investment, but in "scams" such as the stock exchange scams for which thousands of redundant workers and thousands of duped investors have paid and are still paying the price.
As a result of recent scandals on the American stock exchange, first with Εnron and now with Worldcom and Xerox, and similar scandals which are now coming to light in European companies, small investors' savings are being looted, pension fund and insurance company reserves are being fleeced and thousands of workers are being sacrificed for the sake of massive profits."@en1
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