Two-faced ECB needs democratic scrutiny
GUE/NGL MEP Marisa Matias has highlighted the Troika's failings before European Central Bank (ECB) President Mario Draghi in a European Parliament plenary debate this morning.
The debate took place ahead of this afternoon's vote on the 2012 ECB annual report.
Matias said: "I'd like to highlight the elephant in the room that we often omit from these debates: using interest rates to fight the crisis is a way for the ECB to bring down wages in the countries covered by the Troika programmes, and it just makes the essential problem worse. The essential problem is a lack of internal demand due to austerity. If we remain on this course the recession will continue."
"The Troika does not work democratically and this is a serious problem," she continued. "On top of that there is the question of conditionality: outright monetary transactions are hinged on conditionality imposed on the countries subject to the intervention programmes. We could call this a sort of Troika 2.0."
The vote on the ECB 2012 report (PITTELLA) will take place today at midday.
GUE/NGL Press Contacts:
Emily Macintosh +32 470 85 05 08
Gay Kavanagh +32 473 84 23 20
European United Left / Nordic Green Left
European Parliamentary Group