Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-271"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-09-24"^^xsd:date2
dcterms:Is Part Of	lp_eu:Situation of the world financial system and its consequences on the European markets (debate)2
dcterms:Language	"pl"^^xsd:language2
lpv:document identification number	"en.20080924.31.3-271"2
lpv:hasSubsequent	lp_eu:2008-09-24-Speech-3-2722
lpv:speaker	lp:Zbigniew Kuźmiuk2
lpv:spokenAs	unknown; Polskie Stronnictwo Ludowe (2004-07-20--2009-07-13)3 substitute; Temporary Committee on Climate Change (2007-05-21--2009-02-04)3 member; BUDG (2007-01-31--2009-07-13)3 member; Delegation to the EU-Russia Parliamentary Cooperation Committee (2007-03-15--2009-07-13)3 substitute; ECON (2007-01-31--2009-07-13)3 member; UEN (2005-12-13--2009-07-13)3 substitute; Delegation to the EU-Ukraine Parliamentary Cooperation Committee (2007-04-25--2009-07-13)3
lpv:translated text	"I should like to draw the attention of the House to the following issues. 1. The US Government and the Federal Reserve have so far allocated a sum close to USD 1 trillion to combating the effects of the financial crisis. The so-called Paulson package contains additional proposals estimated to cost a further USD 700-800 billion. This suggests that the current crisis is comparable to the great crash of 1929. 2. In addition, the ECB made available around USD 750 billion to improve liquidity, whilst the Bank of England released approximately USD 80 billion. These moves provide further confirmation of just how serious the situation of Europe’s financial markets is deemed to be. 3. All the measures mentioned indicate that strong and decisive government intervention is back in favour. Even the most liberal economists recognise the need to introduce rules to stem the crisis, and are actually prepared to accept the involvement of governments and international financial institutions in these processes. 4. The scale and extent of this crisis will impact negatively on the course of transactions in the real economy. This will result in recession in the US economy, which means negative economic growth. It will also mean a slowdown of economic growth in Europe. 5. In view of this situation, it is imperative for all countries to strengthen institutions providing financial supervision. This is particularly true of the EU. These institutions need to be able to exercise stronger supervision of the activities of the major banks, investment funds and insurance bodies. Stronger supervision is the only way to improve financial security and ensure financial stability in the future."@en1

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