16 April 2013

Plenary Session: MEPs push for a different ECB to tackle the eurozone crisis

They also argued that the ECB's focus on fiscal tightening was counterproductive. Various centre-right MEPs, by contrast, urged the ECB to keep to its current course.

Opening the debate, Marisa Matias (GUE/NGL, PT) rapporteur for the EP resolution assessing the ECB's performance, immediately raised the issue of changing its job description. "The ECB mandate must be revised and expanded so that it can help the economy and jobs", she said. The EP plenary will put the resolution to a plenary vote on Wednesday.

Mr Draghi replied that the ECB would remain "firmly committed to its price stability mandate". He added that the ECB alone could not resolve the crisis - EU Member States needed to do their work, too.

On EU banking union, Mr Draghi stressed the need to conclude talks as soon as possible, echoing the EP and Commission's wish to have legislative proposals on for single bank crisis resolution framework tabled by the summer.

Ildiko Gall Pelcz (EPP, HU) said that it was "ridiculous to blame the ECB" if the eurozone was still in crisis. 

Liem Honag Ngoc (S&D, FR) nonetheless accused the ECB of "fanning speculation" with its cheap loans to banks, because this money was "not ending up in the real economy" where credit was badly needed for growth and investment. 

Ramon Tremosa i Balcells (ALDE, ES) suggested that the ECB should target enterprise directly, by purchasing securitised loans to SMEs. 

Dirk Jan Eppink (ECR, BE) urged the ECB to focus on stimulating innovation and production rather than pushing for tax hikes and warned Mr Draghi "not to consider himself infallible".

Bas Eickhout (Greens, NL) accused the ECB of choosing which problem areas to highlight as causes of the crisis. "Why are you only focused on public debt? Why not also private debt? If you also considered private debt the Netherlands would become a problem country too, for example. These are political choices you are making and if you want to be in politics you need to go somewhere else", he said.

Jurgen Klute (GUE,NGL) and many others highlighted the need for accountability. "The role the ECB has now requires that we exercise control like never before", he said.

Godfrey Bloom (EFD, UK) asked if Mr Draghi's "whatever it takes" policy would also apply to helping poorer people, or if it would be pursued only selectively.

Press release

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