Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-883"
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"en.20101123.33.2-883"2
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"The Treaty of Lisbon has given the European Central Bank (ECB) the status of an EU institution, which increases the responsibility of Parliament as an EU institution through which the ECB is accountable to the European public. The ECB annual report 2009 deals primarily with the ECB’s reaction to the crisis, the exit strategy and governance topics. The financial crisis which started about two years ago with the US sub-prime mortgage crisis rapidly spread to the EU and turned into an economic crisis as well, hitting the real economy. Real GDP in the euro area shrank by 4.1% in 2009, the average general government deficit ratio increased to about 6.3% and the public debt-to-GDP ratio rose from 69.4% in 2008 to 78.7% in 2009.
The ECB acted correctly by adjusting interest rates down to 1% and continuing with substantial and unprecedented non-standard measures to support credit. That prevented the collapse of many financial institutions. However, liquidity has not always been passed on to the real economy. This crisis has clearly shown the need for greater transparency and better risk management in financial markets, sound public finances, and the urgent need to regain credibility."@en1
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