Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-394-000"
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"en.20120418.21.3-394-000"2
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"Mr President, Commissioner, ladies and gentlemen, let us stop and deal with the emergency, because there are still considerable tensions on the sovereign debt market and the first thing that needs to be done is for the European Central Bank to take action.
The difficulties of countries like Spain do not reflect the fundamentals of the Spanish economy and were not caused by excessive public expenditure, but by the schizophrenia of the markets. In the face of this market disorder, the European Central Bank must play its part in full, using its monetary policy instruments effectively to inject some life into the public finances of countries in difficulties and provide liquidity to the banking and production systems.
Base rates need to be reduced in order to support investment and combat the economic stagnation predicted yesterday in the International Monetary Fund forecasts."@en1
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