Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-13-Speech-4-311-000"
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"en.20120913.29.4-311-000"2
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"The majority of Parliament claims that the supervision of the banking sector should move from national authorities to the European Central Bank (ECB). They claim that this sector, which is fundamental for financing countries’ economies, should stop being under the direct responsibility of the Member States and that it should become the responsibility of the ECB to intervene in this area. The ECB, without any political and democratic control, has fulfilled the triple role of lowering the refinancing costs of big capital – promoting Member States’ dependence on the funding – of the financial sector, with its so-called ‘markets’, and promoting labour exploitation through covering losses in purchasing power with credit. Countries like Portugal, which do not have their own currency and cannot autonomously intervene in monetary policy, also remain limited in the regulation of the financial sector. What economies like that of Portugal need in order to grow is the nationalisation of the banking sector, putting it at the service of the national economy. Portugal needs a public banking system which finances an increase in national production and a programme of reindustrialisation, a fundamental tool for creating employment with rights, increasing salaries, reducing dependence on other countries, and thereby resolving the problems of deficit and public debt."@en1
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