Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-209"
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"en.20070905.21.3-209"2
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"Mr President, Commissioner, ladies and gentlemen, financial crises are never confined to the financial sphere. The current crisis will have the effect of further restricting credit and it has already started to push prices up in anticipation, irrespective of the decision the Central Bank takes tomorrow.
The confidence of economic operators has also fallen substantially and, despite the optimism of Commissioner Almunia, economic growth is neither generalised nor guaranteed. There are even many regions with serious economic difficulties.
Today it is difficult, but I should like to know how to explain to citizens that the alarming increase in household indebtedness, the disincentive for public investment, the over-estimation of exports of goods produced in Europe due to interest rate management, among other factors, are inevitable sacrifices. That was the traditional remedy for controlling non-existent inflation. Nowadays the options are more limited for dealing with the perfectly predictable results of excessive risk taking by financial operators, and which we could not or would not regulate in time.
I think there are two conclusions to be drawn. Firstly, there is a need for improved regulation, transparency and cooperation in the financial markets, as has already been mentioned. Secondly, there is an urgent need to review the relationship between monetary policy and its impact on the real economy, families, investment and employment."@en1
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