Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-048"
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"en.20100325.3.4-048"2
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"It comes as no surprise that the exceptional measures which had to be adopted by the European Central Bank at a time of crisis feature at the heart of its annual report.
Against this backdrop, I think it is appropriate for the European Central Bank to continually increase liquidity provisions to banks in the euro area. However, we must not forget that Member States outside the euro area were also themselves among those hit hard by the crisis and that intervention is required from the European Central Bank in this area as well, in the form of liquidity-enhancing measures.
In addition, an increase in budget deficits, government debt and the unemployment rate among young people under 25 is being seen in most European Union Member States. The Stability and Growth Pact is going through an identity crisis and losing credibility, thereby making it impossible to apply its principles effectively.
I think that what is required is a less automatic and uniform implementation of the pact and an approach which takes into account the circumstances of each Member State where the emphasis is placed much more on the long-term sustainability of public finances and less on the government deficit.
The pact’s main aim was prevention. It was meant to provide multilateral supervision of budgetary development using an early warning system. This is why, in keeping with the spirit of Mr Scicluna’s report, I feel it is absolutely necessary to set up a European Systemic Risk Board, which will meet the objective of providing a rapid warning against systemic risks or imbalances threatening the financial markets.
The current financial crisis and its recent deepening in general must produce a prompt explanation of the mutual support mechanisms available at EU level, while also strengthening the coordination instruments between Member States in support of common economic governance. One of the main lessons of this crisis is the need for greater fiscal responsibility and, by extension, for economic monitoring procedures for maintaining budgetary balance."@en1
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