Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-371-000"
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"en.20120418.21.3-371-000"2
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"Mr President, markets can be made happy with a time horizon of a few months, and on each upward cycle, the wise get out of the dodgy assets. Recycling of panic therefore suits the smart, but we have to stay fixed on the longer term and recognise that it will not be smooth.
The EU has put huge resources into containing the crisis, including through the IMF. Politics prevented faster action: that is regrettable, but it is a fact of life. However, with all the billions that are pledged to the rescue packages, it seems lunacy to be reining back on the EIB when the search for growth is urgent. The EIB is a fantastic means to leverage growth, and Member States should think again.
I am also conscious that there are, and will be, unintended consequences on growth from our regulation. Deleveraging by banks, reducing SME loans in trade financing and perverse incentives to short- rather than long-term investment are already evident. It is vital to find a way to deal with this during the regulatory process and subsequently. Finally, getting out of the trillion of the LTRO looks challenging, but we should not forget that there are EURÂ 800 billion parked with the ECB by nervous banks.
I was given a minute and a half by my group. I have one sentence left. If you took that EURÂ 800 billion and had that invested in euro area two-year bills under common issuance, that would satisfy all significant sovereign needs. We have here an opportunity to kill two birds with one euro bill."@en1
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