Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-384-000"
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"en.20120418.21.3-384-000"2
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"Mr President, Mr Barroso, Commissioner, alongside the recovery of public finances, the question of growth is key to the success of the European strategy. In this regard, what is to be the role of the European Central Bank, which has shown extraordinary creativity during the financial crisis?
Make no mistake. It is not a matter of making some completely unrealistic revision to the treaty. It is, in reality, about creating political conditions for the ECB to take the action it has undertaken further by buying sovereign debt on the secondary market and injecting liquidity into the financial system. Experience shows that this is possible within the existing legal framework without undermining the independence of the ECB or backtracking on its objectives. It is a question of European solidarity and political will, and not of legal provisions.
However, recovery of public finances and prevention of the risk of crises remain a priority. Economic governance of the euro area is being strengthened. Mechanisms for the detection, prevention and sanction of abuses have been reinforced by the ‘six-pack’ initiative. The ‘two-pack’ initiative is under negotiation and there must be a conclusion on this subject soon. This negotiation must particularly make it possible to develop effective, practical measures for the benefit of Member States in difficulty or whose deficits are excessive. In this regard, we must ensure that democratic control is exercised as normal at European level to make the steps to be taken in this area acceptable to the people, the citizens.
I would like to conclude by stressing that it would be desirable for the Commission’s proposal to be supplemented by legal protection for any Member State in extreme difficulty – not to encourage complacency but, on the contrary, to allow them to recover and meet their obligations. This provision should be controlled by the Commission under the supervision of the Council and Parliament."@en1
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