Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-17-Speech-3-533-500"

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"en.20130417.97.3-533-500"2
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"‘An exceptional year’ – that was how Mario Draghi, the current President of the European Central Bank (ECB), described 2011 in the Bank’s Annual Report. It is true that the Bank had to contend with a highly unusual situation in which it was compelled to change course and its ways of proceeding within the space of a year; it is equally the case that 2011 was not just another year. Whether or not it was exceptional remains to be seen. If a new cycle has begun, then the roots can be traced back to 2010: they lie partly in the worsening crisis and partly in the increasingly far-reaching ECB intervention within the Union area, not least in the form of the adjustment plans that it has helped to impose on some countries in deficit. The ECB’s action has undoubtedly been dictated by the context of economic and social crisis, and the 2011 Annual Report – without question – clearly reflects those changes."@en1
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