Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-047"
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"en.20100325.3.4-047"2
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"Ladies and gentlemen, in the course of its activities in 2008, the European Central Bank was faced with unprecedented challenges as the world economic crisis wound its way into Europe in September 2008. The financial crisis turned into a crisis of the real economy as the capital markets froze up due to mistrust, and financial institutions would not extend credit to each other or to businesses. The ECB reacted quickly and, in my judgment, appropriately to these financial events, but when we evaluate the crisis relief measures, we cannot overlook one deplorable fact, namely, the discrimination towards countries not in the euro area.
I am convinced that the ECB acted contrary to the spirit of the European Union when, at the height of the crisis, in October 2008, it did not set equal conditions for drawing on liquidity facilities. The ECB arranged currency exchanges with the Swedish and Danish national banks in order to ensure proper euro-liquidity for the banking systems of these two countries. By contrast, with the Hungarian and Polish central banks, it was prepared to do the same only against collateral.
This course of action on the part of the ECB contributed, unfortunately, to a growing uncertainty on the markets, further aggravating these countries’ situations. Now, when we are in the process of designing a new financial system, we have to take measures to ensure that in future, similar inequalities will be eliminated. We cannot, therefore, introduce regulations that treat certain parts of the Union less favourably than others. I would carry this idea further, when talking about the creation of the European Systemic Risk Board that we are all working on now. The ECB will have an important role in this area. The presidency of that Board will be held by the president of the ECB, and we will need to ensure that countries within the euro area – as well as those outside it, such as the Central and Eastern European states – receive equal voting rights in the new organisation.
There is a danger that if we do not raise our voices against the discrimination we have already experienced during the crisis, inequality will become the practice in the new financial supervisory bodies, and this is something to be avoided at all costs. The ideal of reunification must not be allowed to be whittled away by replacing the former political disunity with economic division."@en1
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