Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-01-16-Speech-4-188-250"
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"en.20140116.21.4-188-250"2
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"Europe’s industrial sector faces a serious challenge in terms of the deterioration of SMEs’ credit access, particularly in Europe’s periphery. These financial difficulties are felt most acutely by the Eurozone countries that were hit the hardest by the crisis, where companies face much higher default risks and borrowing costs. The European Central Bank has been providing the Eurozone financial sector with unprecedented levels of assistance, as was seen with Emergency Liquidity Assistance channelled through national central banks. Industrial businesses urgently need credit lines, yet the financial sector is not forthcoming with help on foot of a crisis of its making, as its recklessness led to the depletion of its capital reserves. The ECB and the Troika have shown very little appetite to force banks to pass on the liquidity they engorge at the cheapest rates from the European Central Bank, aggravating the breakdown of the money transmission mechanism. The ECB must extend the decisiveness and generosity it has shown to finance to our SMEs and provide direct credit lines to those who contribute to employment and growth in the real economy, and who were often used as a justification to save banks from their self-inflicted woes."@en1
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