Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-028"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-03-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:ECB annual report for 2008 - Report on the 2009 Annual Statement on the Euro Area and Public Finances (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20100325.3.4-028"2
lpv:hasSubsequent	lp_eu:2010-03-25-Speech-4-0292
lpv:speaker	lp:Sharon Bowles2
lpv:spoken text	"Mr President, we have had a heavyweight week in committee with the President of the ECB, the President of the Euro Group and the nominee for ECB vice-president. We all agree that stronger surveillance of Member States, with accurate statistics to enable early intervention, is a key requirement. Work on this has started, including audit powers for Eurostat, and the committee is impatient to assert its enhanced role to help. But there are indicators beyond the Stability and Growth Pact that need respecting too. Greater fiscal coordination linked to macro-economic stability is an option. But this has been tried, of course. Remember the row in 2001 over the Ecofin warning to Ireland during a time of fiscal surplus. So we know the lesson: exerting discipline in times of surplus is even harder than policing deficit. And, just like in the financial markets, failure to do so ends in crisis. On imbalances between Member States, the focus should be on loss of competitiveness, often hand in hand with foot-dragging on the single market and failure to address structural reforms, including pensions. This, too, does not necessarily have a deficit trigger. And finally, as Mr Scicluna said, liquidity provision by the ECB has been a valuable tool through the crisis, but it has not been passed on to the real economy. Often, it has simply been reinvested in assets bearing higher interest. And I dare say some of these were even recirculated on repo to the ECB. No doubt in some quarter, such activity is even viewed as deserving of a bonus. So I say: should we really listen to the pleas of such banks on new capital adequacy implementation dates?"@en1
lpv:spokenAs	substitute; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 member_of_the_bureau; ALDE (2009-07-20--2014-06-30)3 member; Conference of Committee Chairs (2009-07-16--2012-01-18)3 chair; ECON (2009-07-16--2012-01-18)3 substitute; Delegation for relations with the United States (2009-09-16--2014-06-30)3 unknown; Liberal Democrats Party (2009-07-14--2014-06-30)3 substitute; JURI (2009-07-16--2012-01-18)3
lpv:unclassifiedMetadata	"Sharon Bowles (ALDE )."1
lpv:videoURI	<go to Events_and_structure europarl>2

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