Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-037"
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"en.20080709.2.3-037"2
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"Mr President, the economic and financial functioning of the EU creates real stability for growth. A fundamental role here is played by the European Central Bank, which has, as its fundamental objective, the creation of monetary policy. Member States and their governments are responsible for economic policy and for creating new jobs.
However, questions do come up about whether the ECB is functioning properly and about its impact on economic processes. Should the Central Bank be more proactive, as in the USA, or not? Also, in the light of the global food crisis and the increases in the prices of energy and fuel, a number of questions present themselves. First of all, what action should be taken to prevent the crisis deepening? Secondly, how to support growth in poor countries? Thirdly, how to monitor financial markets in order to avoid a repetition of the crisis in mortgage lending?
Finally, at this point it should also be clearly stated that compliance with the criteria of the Stability and Growth Pact must be equally binding on all Member States."@en1
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