Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-693-000"

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"Madam President, first of all, I, too, should like to congratulate Mr Lange on his very detailed report on industrial policy. Commissioner, the economic crisis has shown us that countries with an industrial base not only survive; they also prosper. Look at Germany, look at China, look at Spain. Spain is holding up under the economic crisis because it has an industrial base. My country, Greece, had an industrial base, Commissioner, but we have managed to wipe it out, for various reasons. I would like to focus on a very topical problem faced by Greek industry this week. Mr Trichet made a statement about a possible rise in the European Central Bank base rate within the next month. This caused a surge in the 3-month Euribor interbank rate, to which thousands of business loans in Greece are linked. In a single day, the Euribor registered its biggest increase since September 2008, causing massive problems to Greek businesses, which are already suffering under the recession. On the same day, however, the Europe director of the International Monetary Fund stated that the European Union’s monetary policy will hold up and does not need to be tightened. We are not saying that Mr Trichet should not raise interest rates. However, there could be a smooth transition, to avoid this explosion in loans that we are seeing. Do you think you could intervene, Commissioner?"@en1
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