Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-279-000"
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"en.20111201.35.4-279-000"2
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"This year, something that we have long denounced has become quite clear: the false independence of the European Central Bank (ECB).
While speculators have been focusing on the sovereign debt of the Member States, making the funding that they need subject to loan sharks, the ECB has been financing the banks at interest rates that are several times lower than those at which they previously charged the Member States. Fuelled in this way by the ECB, the banks have profited from this mechanism of utter extortion, especially the big banks of the major powers, but the Member States, in particular those with weaker economies, and their people have lost out. This mechanism is now compounded by the purchase of debt securities in the secondary market, thus relieving the exposure of these banks to the debt securities of countries in difficulty, which are potentially ‘toxic’ assets.
In this way, the banks keep their hands warm, encouraging the continued extortion of the Member States and the public. In view of all this, there needs to be a profound change to the statutes, guidelines and false autonomy of the ECB, ensuring the equal participation of the Member States in its leadership, so as to ensure effective monitoring of its policies by the Member States. The report ignores all this and endorses the role and the interventionist approach that the ECB has been perpetrating. We therefore voted against."@en1
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