Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-174-000"
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"en.20111201.35.4-174-000"2
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"Mr President, since 2010, we have been experiencing a sovereign debt crisis, particularly in the euro area, of a kind not seen before in our recent past, and it is highlighting the weaknesses of European instruments in fighting against speculation by the so-called ‘markets’.
One of the instruments at our disposal in the euro area is the European Central Bank. In my view, its political will to get the debt crisis under control and focus on growth has been sorely lacking. Firstly, in relation to growth, it has decided, unlike other central banks, not to lower interest rates, which would encourage consumption and investment and boost these within the scope of its powers. Secondly, in relation to sovereign debt, it has only acted in the secondary markets at crunch times, without being able to mobilise and use all its resources to combat speculation and help to protect our single currency, acting as a bank of last resort, yes, but not quickly or decisively enough.
These are the reasons for the way we intend to vote on this report, and also for our demands about the future role of the European Central Bank."@en1
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