Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-336"
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"en.20100325.34.4-336"2
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"The ECB Annual Report 2008 reflects the causes and circumstances of the crisis well. The year 2008, which saw the beginning of the acute phase of the biggest economic crisis for several decades, determined the ways in which the world economy and the European economy would develop for a long time to come.
For the European Central Bank, the last two years were, without doubt, the most difficult period in its history. The ECB had to tackle a crisis which had hit the European economy severely. Rising budget deficits in Member States combined with growing debt are the primary macro-economic consequences of the crisis. In accordance with the treaty, the ECB is primarily responsible for ‘price stability’, which means low inflation. Has the ECB fulfilled its role? It is hard to be sure. It is true that the current level of inflation is below the ceiling fixed by the ECB, but it should be pointed out that in the first months of the crisis it jumped to its highest ever level in the euro area, only to fall, suddenly, later.
I think, however, that this instability can be explained by the surprise which the crisis caused. From October 2008 onwards, the ECB’s monetary policy can be described as active and flexible. The ECB adopted a different strategy for the crisis than other leading central banks around the world. We are still waiting for the results of these actions. Europe is coming out of the crisis, but the situation is still uncertain. Is the ECB ready for the possibility of another crisis, a possibility which is seen by some economists?"@en1
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