Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-277"
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"en.20101123.33.2-277"2
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"I voted in favour of the European Central Bank (ECB) annual report because I think that measures to maintain a low inflation rate, close to 2%, while increasing liquidity in the markets, prevented the collapse of many financial institutions. However, I recognise that the full recovery potential of the ECB’s measures did not unfold because their liquidity was not always passed on to the real economy. It should be recalled that the crisis started out as a financial one, becoming an economic one, too, later on.
The governments of the Member States and the ECB have had to respond to the most serious crisis since the 1930s. We have witnessed a contraction of gross domestic product, a drop in economic activity and an increase in budget deficits, resulting in reduced tax receipts and creating unsustainable public debt: it has been difficult to achieve figures comparable with those existing before the crisis. This situation is a result of the lack of structural reforms within the EU, which is so obvious in the events in Greece and other countries of the euro area. I therefore think that it is important to deal with the weaknesses in the financial system at global level and learn all the lessons from the crisis by improving the quality of risk management and the transparency of the financial markets."@en1
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