Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-090"
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"en.20080922.19.1-090"2
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"Madam President, such failure of financial markets has never happened until now. The main cause was the enormous increase in turnover, and the development of a new system of financial gain beyond the existing banking system without transparency, any effective evaluation or supervision. New investments and vehicles brought big profits, but also caused an increasing threat, even to the IMF.
Although the proposal from Mr Rasmussen and his committee concerning transparency and supervision – particularly of the excessive debt leverage - are right and indispensable, we should also acknowledge as very dangerous the opinion of the Committee on Legal Affairs which demands simply that it be left solely to participants in the market to assess the appropriate level of risk to take. The committee overlooked the fact that last year the average securities firm was leveraged 27 to 1, with no regulation or supervision. What is more, they regulated themselves completely on their own, and even the big lenders ignored the extent of the risk they were taking.
The cost of this failure will be extremely high. The cost to Americans, for example, has been terrible, at around USD 1 000 billion. It will have yet another additional effect: the actors on financial markets may not learn to be more cautious, because they will be accustomed to relying on help from taxpayers. We then have the choice of either protecting the almost full freedom of choice for financial actors in taking risks, or to impose distinct obligations and limitations insuring effectively against excessive shocks and guaranteeing a stabilising development of financial markets.
The opinion of the Commissioner gives some hope for the future, but I am afraid that the tasks facing the Commission are extremely difficult and demand much more courage in finding new methods and new measures."@en1
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"Andrzej Wielowieyski (ALDE ). -"1
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