Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-042"
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"en.20080924.4.3-042"2
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"Thank you for the floor, Mr President. Contrary to expectations, the financial crisis that started in America a year ago, far from abating, has hit the whole world again and again in ever bigger waves, including the financial markets and thus the economies of Europe.
The Central Bank has to pump enormous sums of money into the financial markets in order to ensure their survival. However, in order to remedy the economic and social impact of the financial crisis, the Commission must make progress in two areas.
The first is that a common European financial supervisory authority must be established as soon as possible and must be charged with avoiding similar speculative dangers, thus also ensuring that Europe gradually takes over the role of America’s broken financial and capital market. Secondly, it must make the European financial sector concentrate on funding real economies, which have been neglected up to now, instead of on speculative transactions. In order to do this, naturally, it would also be necessary for the European Central Bank to treat economic growth and the creation of jobs as priorities, in addition to keeping a tight rein on inflation. Thank you very much."@en1
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