ECB driven by a ‘nonsense ideology’ and has made EU’s problems even worse, warns MEP
THE EUROPEAN Central Bank (ECB) is motivated by a "nonsense' ideology typified by its planned transformation into an ecological investment fund, a French MEP has said.
Christine Lagarde: Euro area GDP could fall by 12%
And France Jamet voiced concerns about the future safety of French savings once inflation becomes a factor once more. Mrs Jamet, a member of Marine Le Pen’s right-wing National Rally party, was commenting in the European Parliament on a speech by ECB President Christine Lagarde, in which she outlined plans to contribute in the battle against climate change “within its mandate”.
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Specifically, Ms Lagarde unveils plans for a new climate change centre “to bring together more efficiently the different expertise and strands of work on climate across the bank”.
However, Mrs Jamet was unimpressed, telling fellow MEPs: “Since the 2008 crisis, we have been pursuing various economic remedies in an attempt to put out an unstoppable fire.
“And while strong actions are needed to avoid a collapse and destruction of the proactive economic fabric, when the Covid-19 pandemic hit, we were totally unprepared.
“And in the face of the serious consequences of this crisis that are already appearing, whether we like it or not, we are even more unprepared.”
Policies followed by the ECB in recent years had only served to increase the vulnerability of member states, by removing the natural role of markets, Mrs Jamet claimed.
She continued: “These drifts thus increase the risk for all since the all-economic globalisation supplants reasoned national political choices, to the detriment of solid and lasting prosperity for all the peoples of the EU.
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