mr president the rapporteur mr scicluna said that the ecb had tried to expand liquidity but that liquidity had not been passed on by the banks to their customers
that is true outside the eurozone as well as inside it
my party is pleased that the uk remains outside the eurozone
a state's currency must reflect the condition and needs of its own economy and not the average needs of twenty-seven different economies
however keeping our own currency is only part of the answer
the central problem is that credit creation and distribution is in the hands of private companies the commercial banks and that is true outside as well as inside the eurozone
the function of credit creation in effect money creation must be removed from the hands of private companies
extra spending power when it is needed either to distribute existing or imminent growth or to finance large infrastructure projects must be created by the government and spent into circulation not created by the banks and lent into circulation
