Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-060"

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"Mr President, the rapporteur, Mr Scicluna, said that the ECB had tried to expand liquidity, but that liquidity had not been passed on by the banks to their customers. That is true outside the eurozone as well as inside it. My party is pleased that the UK remains outside the eurozone. A state’s currency must reflect the condition and needs of its own economy and not the average needs of 27 different economies. However, keeping our own currency is only part of the answer. The central problem is that credit creation and distribution is in the hands of private companies – the commercial banks – and that is true outside, as well as inside, the eurozone. The function of credit creation – in effect, money creation – must be removed from the hands of private companies. Extra spending power, when it is needed – either to distribute existing or imminent growth or to finance large infrastructure projects – must be created by the government and spent into circulation, not created by the banks and lent into circulation."@en1
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