Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-194-000"
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"en.20111115.27.2-194-000"2
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"Madam President, the elemental cause of our discontents is easily stated: there is too much debt. Too much personal debt, too much corporate debt and too much public debt. Even I am not going to claim that this is wholly a crisis of the eurozone. It was also a crisis in Latvia, a crisis in Hungary and indeed a crisis in my own country, and the underlying cause is easily diagnosed: interest rates were kept too low for too long and this mistake was made equally by the Bank of England, the European Central Bank and, indeed, the FED and the Bank of Japan.
What is happening now is that there is a correction. The malinvestments of the decade of easy credit should be being rectified so that growth can begin again on a more sober and realistic basis, but here in Europe – and indeed in the United Kingdom – politicians and central bankers are furiously working the bellows in trying to re-inflate the bubble. It is not going to work; it is like trying to postpone a hangover by remaining drunk. You may defer the reckoning, but it will be all the worse when it comes."@en1
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The resource appears as object in 2 triples