Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-286"
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"en.20101123.33.2-286"2
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"The European Central Bank (ECB) annual report is primarily an investigation into the way in which the ECB responded to the financial and economic crisis. The ECB reacted quickly and intervened successfully. By taking a series of extraordinary measures, it was able to ease the liquidity shortages on the markets. However, now these measures must be dismantled cautiously and gradually, because by definition, ‘extraordinary measures’ must not become the rule. The banks and, in the meantime, the Member States which, because of the loss of confidence among the players on the financial markets, came to rely on the intervention of the ECB as an intermediary in order to access funding, must regain their independence. The central bank constantly emphasises the fact that it is independent, but during the recent crisis, this no longer seems to have been important enough to enable us to refer to it as independence. As a result of the massive capital injection in Ireland, in the form of emergency loans for the Irish banking system and the purchase of government bonds, the ECB itself is now relying on Ireland to accept the EU rescue package, so that it can once again service its loans from the ECB. The ECB must oppose any efforts to make it into a political body."@en1
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