Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-410-000"
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"en.20120912.22.3-410-000"2
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"Mr President, economic and monetary union has deprived euro area Member States of their role in monetary policy. Monetarist orthodoxy strongly limits budgetary and fiscal policy. As a whole these instruments are fundamental to ensure that public policies suit the needs of each country and the aspirations of each population. These needs are obviously different because their situations are different.
Now they want to remove Member States’ ability to supervise and regulate the financial sector. It would be another area that would stop being subject to democratic monitoring and public scrutiny and would come under the control of the European Central Bank, an institution that in the name of so-called independence has fulfilled the triple role of thrusting Member States into the grip of financial speculators, lowering the refinancing costs of big capital and promoting labour exploitation through wage compression.
This false independence is truly total dependence on the financial system and its predatory interests. People are gradually being deprived of fundamental instruments to determine their future …"@en1
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