Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-078"
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"en.20080922.19.1-078"2
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"Mr President, certainly this report has come at a very interesting time, as we are experiencing a time of unprecedented economic upheavals, and recent events have made us sadly aware of some of the shortcomings, weaknesses and abuses in many sectors of the financial market.
There is no sector or grouping that has emerged unscathed or unblemished. There can be no case of ‘let’s go back to the same old rules’. Indeed, in the United States we are witnessing radical alterations in the landscape of high finance. Changes must also be made here in Europe, but also globally.
In such a tense financial climate, it can be tempting to make scapegoats of certain financial actors or bodies. The lack of understanding that can surround hedge funds and their operation often makes them good targets for this kind of scapegoating.
However, we must remember that neither hedge funds nor private equity led to the current financial crisis and, instead, at times provided much needed injections of liquidity into the market.
We should also remember that the crisis which started in America resulted from bad banking practices, and the European banking sector, while badly affected, seems to be in a better position to deal with this problem than those banks in the United States.
Nonetheless, we must not deny that there are problems and faults in the structure and operation of many investment vehicles, alternative investments included. It is not good enough to tinker with a small rule here or there. Real reform is needed, and it is needed on a global level.
I believe that the report that has emerged from the Committee on Economic and Monetary Affairs, under the stewardship of Mr Rasmussen, reflects these concerns. For longer-term financial health and competitiveness, we must not and cannot regulate away constructive risk. Despite its name, this text does not seek to vilify hedge funds and private equity but instead notes the need for general market reform, greater transparency and calls for principle-based regulation.
I welcome the comments made by the Commissioner here this evening, and I have absolutely no doubt that he will respond to the situation that we now find ourselves in.
The financial system is international by nature, and we need international supervision of these markets in a global context. To secure global economic stability we must work together to find the best way forward, to put credibility and confidence back into the financial institutions and market for citizens globally, but also for the citizens of Europe, for their pension funds and also for their savings."@en1
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