Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-258"
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"en.20080924.31.3-258"2
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"Mr President, Mr Jouyet, Commissioner, I would like to begin by thanking Mr Jouyet for being available and for the great competence he displays in all areas.
Europe cannot go on periodically suffering the consequences of crises that are rooted in American capitalism. This has been made quite clear by previous speakers. This position is not one of hostility towards the United States. It stems from an obvious fact: the crisis is the result of serious malfunctioning which requires vigorous remedies. Self-regulation is not enough.
Today, however, the crisis is global. Mr Jouyet said earlier that we needed new measures – legislation and regulation – and to assess the balance sheets and solvency of banks, the sovereign wealth funds, salaries, transparency, supervision and accounting standards. All of this should be built upon and improved.
It has also been said many times that we need to restore confidence in the financial system, which is an integral part of economic life. I disagree with the criticism that has been voiced and believe that, in this regard, the French Presidency has been quick to react. The proposals put forward by President Sarkozy, speaking on behalf of the European Union, gave a strong signal in New York and the extended G8 meeting he has proposed will allow the world’s various economic players to come together round the table, which is truly a significant step.
In order to come up with global rules, we cannot simply settle matters in Europe. Of course, there needs to be progress in Europe and, in this respect, it is unfortunate that there has been some slowness to act. However, rules also need to be adopted internationally. The economy is global, meaning that the rules must also be global.
There is a great deal of work ahead of us and I am confident that the measures Mr Jouyet announced earlier will ensure that, over the coming weeks and months, possible solutions are found. It would be foolish to think that these matters can be resolved in a few minutes."@en1
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