Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-285-000"
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"en.20111201.35.4-285-000"2
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"I voted against this report, which broadly supports the role of the European Central Bank (ECB) and the negative way in which it has managed the current crisis, including going beyond the scope of the Treaties. Worse still, this report welcomes the ‘constant and rigorous’ stance taken by the ECB and its successful fight against inflation. Even worse than that, the report promotes a new political role for the ECB, calling on it to broaden its activities. To my mind, the essential issue is, on the contrary, the need to place the ECB under political supervision and to force it to intervene to support the Member States, employment and social cohesion instead of the financial markets and the banks. It should therefore be allowed, in the first instance, to offer direct loans to Member States, rather than leaving them to rely on market rates. This would prevent unnecessary complications such as the current proposal to allow the ECB to lend money to the International Monetary Fund so that the latter can pass it on to the Member States. That would be the best way of combating speculation on public borrowing. In the face of mounting economic aberrations, it is more necessary than ever to supervise the European Central Bank."@en1
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