Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-999"
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"en.20101122.13.1-999"2
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"I welcome and support this report. However, we should keep in mind that, once all the talk about fiscal consolidation, regulation and macro-economic governance ends, we must examine what effect this has had on economic activity – which is the bottom line of any discussion. The reality is that we need good and effective regulation and better economic governance so that small and medium-sized businesses, which are the main driver of economic growth, develop and grow. The sad truth is that these businesses have suffered greatly in the past two years. As a result, we have high and rising unemployment. The ECB’s policy of pumping in billions of euro to help save indebted banks was the right thing to do, but many banks have become over-reliant on the ECB’s liquidity. So now we have a situation where banks which provided credit too readily in the boom years are refusing to grant credit to small businesses. If this continues then we will not have the growth needed to reduce budget deficits and government debt levels. Unemployment will rise, and our economic performance will stagnate. Let us act wisely if we do not want to fail the people of Europe again."@en1
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