Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-062"
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"en.20081203.12.3-062"2
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"Mr President, ladies and gentlemen, this financial crisis is certainly unprecedented; however, in my view, this could have been and ought to have been predicted and avoided. The economic crisis, as previously described by President Barroso, has been ‘sudden and unexpected’. Please allow me, President Barroso, to disagree. The economic crisis has been sudden, but all the signs were there to see, starting with the indications from the International Monetary Fund in spring 2007. Now, however, the language being used by the President-in-Office of the Council and by President Barroso is more appropriate and, in my humble opinion, completely mindful of the gravity of the situation.
I agree with Mr Karas. Europe’s citizens are looking to us and we need to take action. The European plan which you, Commissioner, have drawn up for EUR 200 billion is, I must say, inadequate. We need to be clear here. Perhaps that was all you could do, but it is inadequate. I believe that the issue you need to deal with is about having additional, separate resources, by borrowing, at this exceptional time, directly from the market.
Let us also mention the European Central Bank for a moment. There is a lot of reticence about discussing this institution, but let us avoid going into the reasons behind this. In my opinion, the European Central Bank should cut the interest rate tomorrow by one percentage point. If it only makes a cut of half a point, it will disappoint the markets yet again. Its job – as you on the Commission have and everyone else has said – is to keep prices stable. But I imagine that this result can also be achieved without making the action taken on interest rates follow the inflation index; sometimes there needs to be more flexibility and anticipation of the action taken.
I agree with President Barroso on keeping spending tight. We need to move in this direction in the European institutions and the Member States, including ourselves in the European Parliament. Perhaps we need to equip ourselves to give more support to the courage which the Commission is currently demonstrating."@en1
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