Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-249"
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"en.20080924.31.3-249"2
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"Madam President, are only greed, euphoria and cheap money to be blamed for the whole mess? What about the flaws of the originate-and-distribute model, which has enhanced systemic risk? What about skewed pay schemes with a lack of ethics, which have stimulated reckless risk-taking? What about investment-grade values assigned to trash? What about conflicts of interest? What about banks engaging in casino-type transactions? What about the ‘shadow’ banking sector, with its extreme leveraging and speculation? Why have policymakers not learnt from previous crises, though stern warnings were sent? Just remember what Lamfalussy, Gramlich, Volcker and Buffett said years ago.
The argument that regulation stifles financial innovation I find ludicrous. Not all financial innovation is sound. Is a quasi-international Ponzi scheme, as it has been developing via toxic products during the past decade, to be tolerated? The issue at stake is the lack of proper regulation and supervision, and a poor understanding of financial markets, of the way they function and of systemic risk. Free markets are not synonymous with deregulated markets. Correction is going to be very painful, especially in the United States, but Europe is not immune to economic downturn. Solutions should not be patchy – consider that markets are global. International coordination is needed to restore confidence."@en1
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