Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-16-Speech-2-499-000"
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"en.20130416.50.2-499-000"2
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"Madam President, the ECB’s role in the EU is at a crossroads, as it amasses more powers and responsibilities in the area of financial supervision, and as Member States, rightly or wrongly, are becoming more reliant upon its role in creating monetary policy in these difficult economic times. I am therefore pleased that there are areas of this report that refer to different strategies being used by different central banks elsewhere in the EU and beyond, such as the Merlin programme in the United Kingdom, requiring banks which make use of the Bank of England’s liquidity provision to meet targets on SME lending, as well as other examples of good practice further afield around the world.
There is no perfect model for a central bank to follow, particularly in a time of unprecedented stress such as this. However, the ECB is in a particularly difficult position, with so many different taskmasters and politicians seeking to influence it. The one point that I can agree with in this report is that we need to strongly protect the independence of the ECB from political control. However, it also needs to remain fully accountable to the taxpayers of Europe for the decisions that it takes."@en1
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