Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-12-02-Speech-1-383-000"
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"en.20151202.24.1-383-000"2
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"Mr President, to kick-start struggling economies across the Eurozone, the ECB is currently engaged in what is commonly called quantitative easing: EUR 60 billion created every month to spend on the purchase of sovereign bonds on the secondary market. Meanwhile, the ECB is forcing the Irish Central Bank to engage in what I call quantitative squeezing: the destruction of EUR 31 billion, billions that were created in 2009 and 2010 at the height of the euro crisis to bail out the creditors of two zombie, insolvent, non-systemic Irish banks.
Does anyone see the contradiction here? In 2011 our central bank destroyed EUR 3.1 billion. Last year we destroyed EUR 1 billion and already this year we have destroyed EUR 1.5 billion. This destruction of borrowed billions is happening at a time when Ireland is suffering record suicide numbers, record numbers of patients waiting on trolleys in accident and emergency, record numbers of people homeless.
Next month a single resolution fund will be introduced which will ensure that in the case of any new failures, banks rather than the sovereigns will foot the bill. Where were those structures in 2009 and 2010? Why has it taken until now, five years later? Biggest question of all, why is Ireland still being forced to carry the full cost of this fundamental failure by the EU in the design of the euro, and by the ECB itself to pay for those possible bank failures?"@en1
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