05/02/2009
ETUC deeply regrets the European Central Bank’s ‘wait and see attitude’
On Thursday, 5 February 2009, the European Central Bank (ECB) decided to keep interest rates on hold and this in the midst of an economic meltdown we have rarely seen before. The European Trade Union Confederation (ETUC) finds this ‘laissez-faire’ attitude incomprehensible.
For ETUC, interest rates in the euro area should have been brought to near zero months ago and policy makers should now be discussing how to organise the printing of money in order to finance the economy.
Says John Monks, General Secretary of ETUC: ‘The economic situation is alarming and protectionist and nationalist pressures are rising. By postponing action to support the economy, the ECB is playing with fire’.
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Last Modification :February 5 2009.