Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-029-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-12-01"^^xsd:date2
dcterms:Is Part Of	lp_eu:ECB annual report for 2010 (debate)2
dcterms:Language	"it"^^xsd:language2
lpv:document identification number	"en.20111201.3.4-029-000"2
lpv:hasSubsequent	lp_eu:2011-12-01-Speech-4-031-0002
lpv:speaker	lp:Ramon Tremosa i Balcells2
lpv:spokenAs	member; Delegation for relations with the People's Republic of China (2009-09-16--2014-06-30)3 substitute; Delegation for relations with Israel (2009-09-16--2014-06-30)3 member_of_the_bureau; ALDE (2009-07-20--2014-06-30)3 substitute; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2014-06-30)3 substitute; TRAN (2009-07-16--2012-01-18)3 member; ECON (2009-07-16--2012-01-18)3 unknown; Convergència Democràtica de Catalunya (2009-09-25--2014-06-30)3
lpv:translated text	"President Draghi, may I welcome you to this Parliament. Madam President, I want to thank the shadows, assistants and advisers for their very good collaboration on this report. Today, we shall discuss the ECB report which was largely approved in the ECON committee last month. On debt crisis management, I welcome the ECB’s interventions in the markets. If necessary, I encourage them to continue these in the next weeks. These interventions have saved the euro; without them, the situation now would be worse. We also deplore the hesitation in management of the crisis by the European Commission and by Member States, particularly those countries lacking reforms, as that has often pushed the ECB to act. We also express worries in the report about the limits of ECB interventions; monetary policy cannot solve every problem. Every country is responsible for its own fiscal situation. We cannot ignore that there is a growing exposure to risky assets in the ECB balance sheet. The ECB is right now a lender of last resort. For the banking sector, the ECB has been a lender of last resort since May 2010. There has been an unlimited credit flow from the ECB to eurozone banks. Those banks have been buying huge amounts of public debt from eurozone governments. This massive ECB help may have taken away, or delayed, incentives to carry out reforms in some Member States. In the report, we voted to reinforce economic governance. I believe that fiscal discipline is a precondition for more European integration. I think that national and regional budgets should be supervised at the European level. The report we voted on also shares Mr Trichet’s opinion regarding the need for a European Minister of Finance to coordinate a basic common fiscal policy and to enhance the effectiveness of the euro. This debt crisis shows that in a monetary union, fiscal policy cannot be exclusively left to Member States. The report we adopted also stresses the need for a European Treasury to relieve the ECB of its quasi-fiscal role. Until then, we suggest entrusting more tasks to the European Stability Mechanism. Mr Draghi, I would welcome your views on these proposals. Finally, concerning transparency, I call for the publication of the minutes of the Governing Council meetings, as is the case with the US Federal Reserve, the Bank of England, the Bank of Japan and the Bank of Sweden. I consider non-publication a sign of weakness of the monetary union. We need public and individual accountability in the decision-making processes. With this in mind, we will vote today for the publication of the summary of Governing Council meetings. We hope that the ECB will listen to the democratic voice of this Chamber in this respect."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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