Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-199"
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"en.20070905.21.3-199"2
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"Mr President, this summer’s financial unrest has clearly shown how closely integrated the markets are. The global financial market literally runs around the clock, with millions of transactions that affect us all. New technologies create entirely different conditions. The possibility of creating better prospects for development in investment has increased dramatically. Access to venture capital is vital here. Many new financial instruments, which some have called into question today, have been largely good and increased liquidity and investment opportunities.
During the turbulent past few weeks on the financial markets it has been shown that it is good that Europe has a strong central bank. The ECB was able to act more quickly than its counterpart in Washington and could take rapid action to calm the markets. For that the ECB deserves praise.
We still do not know how far the US mortgage crisis will continue to spread. The autumn will be crucial as new statistics emerge. Hopefully there will be a normal market adjustment without any great convulsions that might affect the regional economy, which is essentially healthy within the European Union. I hope – unlike some of my fellow Members here, obviously – that in Europe we do not overreact and think that the solution always demands more regulation and decisions taken in too great haste, as Mr McCreevy said. Despite the US Sarbanes-Oxley Act, with extensive regulation, the risky mortgages were not discovered in time. A smoothly functioning financial market requires a balanced approach, and space for new methods combined with legislation that strengthens the interests of consumers. I think that MiFID is a good example here.
For me as a liberal, openness and transparency are key in the financial markets. I would also like to see more cooperation between the EU’s financial authorities to combat crisis situations and to provide a rapid response.
Mr President, Commissioners, I must make one comment: when things are blowing up around the world, it is clear that a small currency and a small market like Sweden’s are hit lightning-fast. The events of the summer have given me further reason for Swedish entry to the euro."@en1
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