Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-24-Speech-3-093"
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"en.20101124.7.3-093"2
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"Mr President, the G20 summit in November did not, in my opinion, have substantial results. It proved once again that the United States are in a prominent position and that China is attempting to secure a place on the international stage.
As we all know, the global economic crisis which started in 2007 broke out when, one by one, the investment banks in the United States hit liquidity problems. As we have seen – and as the whole world knows – the US administration was forced to print more money, USD 700 billion in the first stage and a further USD 600 billion in the very recent second stage.
In contrast to this response to monetary issues on the part of the United States, Europe in general and the euro area in particular remained faithful to the principle of budgetary discipline, to a strictly controlled monetary policy, thereby leaving room for the markets to play speculative games at the expense of the less robust economies of Europe in general and the euro area in particular.
I propose that consideration should be given to the question of issuing new money in Europe, either in the form of banknotes or the form of a Eurobond."@en1
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