Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-193"
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"en.20070905.21.3-193"2
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"Mr President, Commissioners, ladies and gentlemen, we must be realistic: despite being the powerful European legislator that we are, we will not be able to do anything about the origin of this crisis. We are powerless against US legislation that fails to understand consumer protection in mortgage lending, whether by banks or by other institutions.
Let us be realistic: we are facing a crisis of which we urgently need to correct the effects, but also learn the long-term lessons.
Let us be clear: our European citizens are, quite rightly, worried about the consequences of this crisis for the financing of the real economy. Let us be clear: our fellow citizens do not understand that, to cope with the risk-taking of a few, whose method of remuneration does not follow any economic logic, public institutions like the European Central Bank are at the end of the day forced to intervene to guarantee the liquidity of the market.
Let us cope with the situation. Let us stand where Europeans should stand, grounded in realism and proposals. In the end the Central Bank did its job as lender of last resort. However, as a supervisory body, it is powerless to find out the reality of the risks taken by the market players. We must improve the supervisory powers of the European authorities, and it is your job, Commissioner, to play an active part in this too.
Let us cope with the situation: we have been talking for many years about fair value, and this same fair value has today worsened the conditions for valuing sub-primes.
Let us cope with the situation: as regards the credit rating agencies, the IOSCO code of conduct, Commissioner, does not meet the demands of the current situation. We need a truly competitive market, in which there are no conflicts of interest and which is characterised by greater transparency.
Finally, let us be utopian and hope that the use of the financial bubble created in this way will finally start to release finance for the long-term investment Europe needs to cope with the climate and energy challenge. Sometimes utopia can be the best form of realism."@en1
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