Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-074"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-03-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:ECB annual report for 2008 - Report on the 2009 Annual Statement on the Euro Area and Public Finances (debate)2
dcterms:Language	"cs"^^xsd:language2
lpv:document identification number	"en.20100325.3.4-074"2
lpv:hasSubsequent	lp_eu:2010-03-25-Speech-4-0752
lpv:speaker	lp:Jaromír Kohlíček2
lpv:spokenAs	member; Delegation to the EU-Ukraine Parliamentary Cooperation Committee (2009-09-16--2014-06-30)3 substitute; AFET (2009-07-16--2012-01-18)3 unknown; Komunistická strana Čech a Moravy (2009-07-14--2014-06-30)3 member; TRAN (2009-07-16--2012-01-18)3 substitute; Delegation to the EU-Kazakhstan, EU-Kyrgyzstan and EU-Uzbekistan Parliamentary Cooperation Committees, and for relations with Tajikistan, Turkmenistan and Mongolia (2009-09-16--2014-06-30)3 member; EUL/NGL (2009-07-14--2014-06-30)3
lpv:translated text	"The activities of the European Central Bank have, since its inception, been a subject of constant criticism from the left, and not only throughout the EU. The first cause of this justified criticism is the objectives of the bank. Since the main objective of the bank is to ensure that inflation does not exceed 2% and the budget deficits of the EU Member States do not exceed 3% of GDP, then everything is clearly fine in times of growth, when unemployment ‘falls by itself’, the liquidity of the banks is ‘secured by itself’ and the ECB is able to ‘press governments’ in individual Member States to reduce their debts. From the moment when an economic crisis erupts, however, it is a very different story. The badly formulated objective of the central financial institution has the effect of making fundamental divergences from the objective necessary. The report, which is concerned with assessing the ECB’s annual report and performance in relation to solving the financial crisis, nonetheless stubbornly insists on this badly-formulated pivotal objective. The report also states, among other things, that it is necessary to draw back from the policy of stimulation packages and from securing the liquidity of the banks, which was the main so-called unconventional measure for overcoming the crisis. The report does not concern itself at all with the critical state of the finances of at least five EU states, and it seems that the authors of the report are also indifferent to the meteoric rise in unemployment. All of this only confirms the harmfulness of the current concept of the European Central Bank. The report must therefore be rejected."@en1

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