Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-267"
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"en.20080924.31.3-267"2
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"Mr President, I would like to thank Members for this exciting debate. We could stay here for hours, as the subject is certainly worthy of a great deal of discussion and the thoughts they have shared have been fascinating. Unfortunately, however, our time is limited.
Even if Europe is less affected, it is still important for us to send out messages of confidence. This means action, international cooperation, not being afraid to adapt rules, acting quickly and having proposals on the table ready for the European Council on 15 October, applying the suggestions made by Parliament and, as has been said, being aware of the fact that we are dealing with transactions that affect not only the liquidity but also the solvency of the entire financial system.
It is now economic confidence that will kickstart growth and that is why we must cast aside dogmatism to take firm action and use the full range of tools at our disposal.
I shall draw the following conclusions. Firstly, as regards the laissez-faire approach and the lack of regulation, bearing in mind the reserve that comes with my job, I think I have expressed myself quite clearly. It is my opinion that we must move beyond the regulation/no regulation debate. Financial deregulation is now an outdated notion. Strong, modern financial regulation will be the solution from now on. It must be adapted; we must go beyond what has been done so far.
This is the first point I wish to make and, on this, I am extremely clear. I also listened carefully to what Mrs Koch-Mehrin was saying and I repeat what she said, namely that regulation is not the enemy of the market. Everyone must face up to their responsibilities. It is the job of the public authorities to regulate and to adapt the rules in force, because the stability of the system, the protection of individual savers and the protection of depositors are at stake. I would also say to Mr Wurtz: it is also employment and growth, which have a direct impact on the real economy, that are threatened by this crisis. That is why we must act, including for the least wealthy, and quickly.
My second belief is that Europe must act within a framework of enhanced international cooperation. There is no alternative. As has been said, Europe must make its voice heard, otherwise we will be subjected to the effects of US solutions. It has already happened with Sarbanes-Oxley. We saw the consequences that had for some European companies; we saw the effect it had on accounting and market standards.
We can begin as of now. The only advantage we have is that, today, Europe can, as Mr Almunia and President Sarkozy have both stressed, assert itself firmly, make its voice heard on the international stage, take the reins and get a head start. I call on Europeans to coordinate themselves so that the Union has a strong presence on the international stage, and to reflect upon international financial structures and on international regulatory authorities.
Because if no international measures are adopted, we cannot complain about having no alternative but to draw on sovereign funds, which, moreover, we wish to keep. I am not passing judgment, but there needs to be a certain consistency in this respect. We need to know what we want to do and that if Europe fails to act, we will have to rely on other funds to stabilise the financial system.
My third belief is one that has been mentioned by several speakers, including Mr Schulz. It is true that we must address the issue of salaries and the problem of profits linked to cyclical market activities. The issue of market operators’ salaries should also be seen in the context of this international reflection. I am not the first to say so. Gordon Brown has also said so in the past. It seems logical to me, and in-depth thought must be given to this issue.
It is clear that this is not just an economic and financial crisis, but also one of ethics and responsibility. It is a crisis of economic ethics and concerns all actors and political leaders, whatever their leanings. As Mr Wurtz and other speakers have stressed, finance must continue to serve the economy; the economy must not be the victim of finance.
As I have said, thought must be given to the role of financial institutions and to the roadmap concluded by the Finance Ministers on the basis of Commission proposals. Let us talk about specific progress. To Mrs Berès, I say that we must go further and, with regard to the timetable, act quickly. I repeat what Mr Almunia said: the Commission must act quickly because it is a question of restoring confidence, and I wish to conclude on this point."@en1
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