Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-192"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20070905.21.3-192"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, President-in-Office of the Council, Commissioners, I would first of all like to express my thanks for the words of our authority figures regarding maintaining an optimistic stance in the face of the crisis that we are experiencing.
At the same time, however, I would also like to bring as much realism as possible to this debate, as concealing the seriousness of the facts will only lead to confusion when it comes to seeking solutions.
Firstly, we are facing a crisis that was predicted. We are not facing a surprise crisis. It was known that this would happen at least one year before, and there has been a lack of care, a lack of capacity to react.
Secondly, we are facing a serious crisis. The President of the
said so himself just over three days ago. We may be on the verge of a classic banking crisis of withdrawal of confidence.
Thirdly, Europe has been infected by financial institutions in countries that have been unable to make profits because their economies were relatively stagnant, and have therefore sought profit at a greater risk. It could therefore be said that the supervisory authorities, the European prudential authorities, have failed to prevent this from happening.
The European Central Bank is therefore the first to intervene in the crisis, the one that is injecting the most money, precisely because it is in Europe, in the heart of Europe, which is now recovering economically, where this crisis could become most serious. We therefore need more clarity as to what the actual repercussions are and how major this crisis really is.
Undoubtedly the fourth characteristic of what we are experiencing, the circumstances that we are in, is, in short, the reaction of our monetary authorities, the reaction of the European Central Bank.
In my opinion, it acted correctly when it made these injections of liquidity, because what we are seeing is a withdrawal of liquidity. However, it is also true that it is paradoxical that this should happen precisely when Europe is raising interest rates in order to restrict the liquidity of the system, to restrict credit. This is a major paradox that needs to be explained properly, without the confusion that arose from the explanations given throughout August.
Clarification is essential, because we are talking about millions of families and millions of small and medium-sized enterprises, which depend on variable interest rates in Europe, getting into debt. Therefore, it is essential that we clarify the interest rate scenario and ask for caution in interest rate rises in Europe, in order to strengthen the economic growth and job creation that we need so much at this stage of EU integration."@en1
|
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples