Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-277-500"
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"en.20111201.35.4-277-500"2
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"The statutory role of the European Central Bank, to safeguard price stability without heed for the repercussions on the real economy, has proven to be catastrophic under the present circumstances. Unfortunately, the report does not recognise the weaknesses in the statutory objectives of the ECB and sees this specific fact in a positive light. The role of the ECB needs to be changed into a role of real solidarity and support for nations and Member States. This specific ECB annual report for 2010 does not recognise that, at a crucial time, the ECB hid behind decisions to contain inflation and that this had a series of unfortunate consequences. Firstly, it failed to halt rocketing spreads; secondly, it failed to halt action by the ‘speculation mafia’ in credit rating agencies. On the contrary, it incorporated them into its charter. Thirdly, it kept interest rates high, in a period of recession, higher than in the US and higher than in Great Britain. Finally, the independence of the ECB is a very moot point, as ‘independent bankers’ are being canonised, to the point of being made prime ministers, as we have already seen in two countries. The Central Bank is being politically manipulated. Political, parliamentary control of the ECB is needed. It is for all these reasons that I voted against the report."@en1
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