Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-390-000"
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"en.20120418.21.3-390-000"2
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"Mr President, I welcome the Commission’s presence at this debate, but I regret the fact that the representative of the European Central Bank (ECB) is not here. He has a great deal to contribute because he could use his experience to show that when the European Central Bank acts decisively, tensions over the euro lessen.
That tension therefore has more to do with speculators’ greed than with the foundations of the affected economies, and that includes the peripheral countries, of which Spain is a good example. This has been mentioned many times here because, when the crisis erupted, Spain did not have a problem with its public deficit, public accounts or accumulated public debt. None of these were a problem. We are far below the EU average and had even settled with a surplus in the three previous budgetary periods.
It was the financial crisis that brought on Spain’s financial troubles, not the other way round. The financial crisis was the cause; our debt and deficit were not the origin of Spain’s financial difficulties, which shows how important it is for the ECB to act emphatically, resolutely and decisively, to act like a firewall or a dam to prevent speculation against the euro.
However, to do so, there needs to be a change of policy, which the Commission has an obligation to promote. This change of policy should not entail complying with an austerity plan that excludes all other measures and which is leading the EU into disaster; rather, the Commission should consider giving real meaning to the concepts of growth and employment.
Diagnosis and therapy have failed resoundingly and categorically, and the patience of millions of Europeans has run out, particularly among the young. We need a change, and we need it now."@en1
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