Text tabled : A7-0361/2011

  Georgios Papanikolaou (PPE), in writing. – (EL) The intervention by the ECB in the secondary bond market was undoubtedly important, but it no longer suffices. The ECB is being called upon to take action, insofar as action is necessary, in order to give the Member States access to liquidity. Yesterday’s decision by the biggest central banks in the world to relax their harsh monetary policy is another step in the same direction; however, the next few days will be crucial. The ECB has to play its part in efforts to resolve the crisis in the euro area. With the rise in borrowing rates in countries referred to as the ‘hard core’ of the euro, such as Italy, the ECB may have an appeasing function on the money markets. The report, which I supported, outlines this need and notes the importance of bolder decisions, in the hope that next year’s ECB report will contain more optimistic messages for the European economy.