Fabian Demicoli

Vince Farrugia at EESC urges ECB to be more forthcoming

"Don't be
afraid of criticism, President Draghi was right to come out strongly stating
that the European Central Bank (ECB) will do whatever needs to be done to save
the Euro" stated Vince Farrugia GRTU's Director General and EESC
Employers Representative.

He was addressing Mr Constâncio, Vice-President of the
European Central Bank, as one of the selected EESC Plenary speakers on behalf
of European Employers. "Unfortunately
for far too long a time the ECB stayed back and allowed the financial markets
to dictate, assuming wrongly that the financial institutions will shy away from
usurping speculative profits. This was a wrong strategy based on a defunct
theory that profit seekers left on their own will decide on what is best for
us. The ECB should have never been caught unaware to the money flows that
caused the background to the greatest financial and resulting economic crisis
of our times. It seems that the lesson has now been learnt and a more
aggressive ECB is emerging. Keep up the rhythm. Don't go back to the old ways.
Never be caught out again unaware" emphasized Vince Farrugia.

Mr Farrugia said that he expected ECB to monitor and
when needed influence what national central banks are doing and what the
financial institutions are doing. He emphasized to watch especially the
politicians at both local and national level and more especially in Brussels,
in the Council. There is time for politicians to act and legislate. But there
is time and an important phase for the technocrats to monitor, supervise,
decide and act. The ECB should act decisively to influence important decisions.

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