Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-03-11-Speech-2-308"
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"en.20080311.32.2-308"2
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"Madam President, Commissioner, in 1999 we initiated the European single financial market project and have since been pressing ahead with it. We are on the path to success.
We now have to see that market developments do not overtake political developments. The Lamfalussy Process was a step in this direction. Level 3 could be a way of bringing supervisors in Europe a step closer together. However, I hold on to what Commissioner Almunia has said, and that is: act quickly and effectively.
We are going through a sub-prime crisis or sub-prime turbulence. The Americans – whether they are the SEC, the White House, politicians or the offices of the District Attorney in New York or Washington – have long been drawing up the relevant summaries and thinking about what measures are required, while finance ministers in Europe are still reflecting on which direction they could be taking.
The finance ministers are refusing to push a European supervisory structure, so I shall not be talking about a European supervisor here. What the finance ministers already have to answer for, however – and here I appeal specifically to the Council – is the fact that Europe is not present at the international discussion on how to deal with this problem. Once again we shall ultimately find ourselves merely adopting the rules of other nations, such as the United States, for example.
I would just remind you of the Katiforis report. After Parmalat and Enron, we asked the Commission and Council in 2003-2006 to speak out on rating agencies
The Commission does indeed analyse everything in Europe, but when crises arise, no analysis takes place. On the subject of hedge funds, for instance, no analysis is taking place in the European Union. Hence my urgent appeal: throw off your lethargy, leave your national egotisms behind and keep working on turning the European financial market into a success story not only in Europe, so that what has stood the test here also becomes the rule throughout the world."@en1
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