Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-040"
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"en.20101122.13.1-040"2
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"Mr President, I would like to congratulate Mr Balz on his report. However, at a time when the euro is facing new crises every day and it is generally accepted that new forms of governance and new rules are required for survival, it is hard for the ECB to weigh in on outside global issues.
Yet that could be precisely the problem. Until now, most of the large global players have succeeded in working together to seek solutions to the problems of the global financial crisis. The coordination in areas of financial services regulatory reform, particularly in areas like derivatives, has been unprecedented. But when it is national currencies that are being defended as opposed to multinational banks, there is a strong danger that multilateral coordination is going to break down.
If the ECB looks to protect the euro above all else, the Fed to protect the dollar and the Chinese the yuan, we will all lose out.
Since its inception, the ECB has done the difficult job of balancing different cultures and methods of monetary policy. I hope that, even while it is under intense internal pressure, it can use its expertise in these areas to enhance cooperation beyond the EU to a global level."@en1
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