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"We have bailed out banks too many times and left families struggling too many times"
The head of the Left Bloc list for the European Elections defended a greater scrutiny of the European Central Bank policy.
© Rita Franca/NurPhoto via Getty Images
Política Catarina Martins
The leader of the Left Bloc (BE) in the European Elections, Catarina Martins, defended the proposal for greater "democratic" scrutiny of the policy of the European Central Bank (ECB), "placing it under the dependence of the democratic institutions of the Union", as described in the electoral proposal of the bloc.
"The independence of central banks is an innovation that emerged in the 1980s and marks a transition, because until then we had periods of economic growth, in which monetary policy had to respond democratically for what it did. From then on, there was no longer a democratic response in monetary policy", began by explaining the former coordinator of the BE, in an interview on RTP.
In the same statements, Martins questioned: "When the ECB decided to raise reference interest rates and thus caused the rise in interest rates of houses, at a time of great distress for people... It is necessary to ask: To whom does the ECB respond for this decision?".
For the bloc candidate, the decision to raise interest rates "is not" of a "technical nature", claiming that the ECB "had studies that indicated that inflation" was not being sought by "demand". "There were profit margins that were increasing a lot and that was what was causing the rise in prices", she alleged.
"The ECB decided to attack people's purchasing power by raising interest rates, and this was particularly harmful to Portugal", also criticized Catarina Martins, stating that "monetary policy is precisely that, policy".
For the candidate for the European Parliament, "the question is whether those who are in the central banks now making decisions about our lives have to answer for them, or while they are there, after being appointed, they can do whatever they want". "In Europe, we have saved banks too many times and too many times we have left families in a bad way", she predicted.
In conclusion, Catarina Martins argued that "when politics had the courage to impose itself in the name of the people, it managed to respond to the crises" and "when it did not have courage, we had Troikas or we have house payments doubling when wages shrink".
The former coordinator of the Left Bloc is the leader of the BE in the European Elections. In the 2019 edition, the bloc managed to elect two MEPs, Marisa Matias and José Gusmão, who is once again the 'number two' on the European list.
Read Also: CDU leader wants ECB to "quickly" lower interest rates (Portuguese version)
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