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 Full text 
Wednesday, 12 February 2020 - Strasbourg Provisional edition

European Central Bank - annual report 2018 (A9-0016/2020 - Costas Mavrides)

  Mick Wallace (GUE/NGL). – Madam President, the Irish Central Bank is still destroying the EUR 31 billion promissory note bonds that resulted from the bank bailout in 2008. The banks in question were eventually liquidated, but the European Central Bank (ECB) still insist that the entire EUR 31 billion be taken out of circulation by the Irish Central Bank. Irish people have suffered a decade of austerity and as head of the International Monetary Fund (IMF) at the time, Ms Lagarde was front and centre of this imposition of austerity on Ireland. The eurozone crisis also provided an excuse for the previous head of the ECB, Mr Mario Draghi, to introduce a fiscal compact in 2012. It institutionalised and made permanent what were supposed to be emergency austerity programmes. It accomplished a lifelong neoliberal dream – the complete separation between the democratic process and economic policies. As Germany’s Finance Minister said in 2015 elections change nothing, there are rules. The ECB and Ms Lagarde as Managing Director of the IMF, brought Ireland to its knees. I don’t recall any ECB annual report in recent years mentioning this. It should never be forgotten. Of course we opposed it.

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