Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-058"
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"en.20081008.14.3-058"2
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"Madam President, the question is whether this financial crisis will lead to further European integration or whether the reverse will be true. In my view, a crisis of this magnitude can be tackled only at European level – which must lead to further European integration. This requires leadership, however; not only by Member States but also, in particular, by the Commission. Up to now, the reaction to the financial crisis has been provided mainly by Member States – which I welcome, for example when action was taken in the Fortis crisis – whilst the Commission has remained silent.
In my opinion, the financial crisis has been caused by the rapid innovation in the financial sector over recent years. Banking products have been packaged such that rapid profits are possible, but also great risks. However, these risks were not transparent, and in some cases they still are not. It is terribly complicated for experts to make a proper appraisal, and thus to assess the value of these new financial products.
Therefore, the Commission must now present measures to increase the transparency of financial products and to improve bank governance. It must also present measures to improve supervision, and proposals to reinforce cooperation between central banks themselves and other supervisors. Parliament will express this opinion in the report on the Lamfalussy follow-up and the future structure of supervision in the financial sector, which we are discussing next.
Incidentally, I deeply regret the abstention in the parliamentary committee, on such an important report, by the Socialist Group in the European Parliament. I wonder whether it will do so again tomorrow. The crisis demonstrates the importance of Europe. If the European authorities act individually in this connection, State aid and also discrimination against foreign savers, customers and investors can result. Only Europe can offer a rounded approach to the crisis, and that is why the Commission must take the lead, starting today."@en1
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