Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-980"
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"en.20100325.34.4-980"2
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"Congratulating the European Central Bank for its actions in 2008 is a forced exercise with which I refuse to be associated. The Bank did not see a major crisis coming, and it did not exactly shine in terms of its regulation either, which is far from being perfect. I do not think that any lessons have been learned from this crisis: we still trust the handful of Anglo-Saxon rating agencies that are no more capable of rating the States today than they were of rating the banks and toxic financial products yesterday. We continue to want to ‘reassure’ completely irrational markets that increase hostile speculation against a State, when we should be eliminating speculation by renouncing monetary orthodoxy. We are preparing for a swift return to the same policies that contributed to the crisis, in the name of the ‘viability of public finances’, but to the detriment of a potential recovery and of the purchasing power of households. Above all, we are not doing anything concrete to change the system. Legislation that you pretend to judge as urgent in order to fool opinion has been postponed until after the delicate election days for Mr Brown and Mrs Merkel. This is a mistake: their prospective replacements would be just as ‘world compatible’ as they are."@en1
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