Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-039-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20111201.3.4-039-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, the European Central Bank (ECB) is solely responsible for the stability of the monetary value of the euro. As we are all aware, its main task is to keep inflation under control within the monetary union. With its intervention in the bond markets, which began in May 2010 and have so far involved more than EUR 200 billion being spent on government bonds from heavily indebted euro countries, the ECB has definitely exceeded its mandate. The ECB may see its purchases as being an important means of stabilising the capital markets but, in fact, by entering the grey area between fiscal and monetary policy, the ECB has not in any way reduced the interest burden on the euro crisis countries.
Once its credibility has been lost, the resulting costs, as we know, will be enormous. In my opinion, the ECB must not, under any circumstances, continue to take the wrong path in this crisis. As a result of a number of different incorrect decisions, we are now on the threshold between an inflationary economic boom and a deflationary economic collapse. The important thing for us now is to avert, at any price, the real threat of the economically successful countries in the euro area being dragged into the abyss as well."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples