Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-254"
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"en.20080924.31.3-254"2
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"In one minute, what conclusions can I draw on the current crisis? It is the result of choosing not to adequately supervise the activities of the financial markets. Competent regulation does not kill markets but, on the contrary, is essential for their survival. There are people who are responsible for the losses, but there are now also citizens who are paying the price for their excesses and for the failures in public supervision.
Warnings were given some time ago. The Rasmussen report, which this Parliament adopted yesterday by a very large majority, makes specific proposals on the risks of excessive leverage, lack of transparency and conflicts of interest, but this report stems from work begun by the Socialist Group years before the crisis began in 2007.
The own-initiative report by Ieke van den Burg and Daniel Dăianu takes the same line. The European Union is a major partner in the international context and I congratulate Commissioner Almunia on his announcements today; but will Commissioner McCreevy agree with these? The paralysis affecting the Commission in relation to these matters has no possible justification. Parliament is doing what it should. The other institutions should also act accordingly."@en1
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