Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-23-Speech-2-136"
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"en.20080923.31.2-136"2
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"Madam President, the European Union is a solution in search of a problem. Whatever the question is, the answer is always more regulation, and so these recent events in the financial markets have been predictably seized on as a justification for further Brussels rules.
I am reminded of the situation that pertained after the attacks of 11 September 2001, when a number of proposals for the harmonisation of justice and home affairs, which had been kicking around for years, were repackaged as anti-terrorism measures and, in the febrile atmosphere that followed those terrible attacks, nobody wanted to be seen voting against.
Similarly, a bunch of legislation for which there is really no proportionate need in remedying the problem is now being repackaged as a measure for financial stability, and it would take a brave MEP to risk being seen as a speculator’s friend, as we saw in the result of the vote today.
I must say that, looking at the underlying causes of the recent financial problems, it seems to me that ‘too much government’ was the problem, not the solution. Interest rates were kept at too low a rate for too long, and that was a problem in Europe, in the United States and in Japan. If too much government was the problem, it is difficult to see how we can solve that problem by additional regulation at Brussels level."@en1
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