Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-061"
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"en.20081008.14.3-061"2
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"Madam President, Commissioner, ladies and gentlemen, I will start by saying that I find it very disappointing that it always takes a crisis for us to find the right sense of determination, the right choice of words, the right dynamics for finding common ground and European responses. Action by Europe and European rule are an essential part of the solution. They are not only an answer to crises but also necessary to prevent crises in our globalised world.
We need both short- and long-term measures. These crises show us how dependent we are on one another, how global, how interwoven the financial world is these days. I have here a collection of requests by the European Parliament since 2002, only a fraction of which have been answered by the Commission, and many of which have been frustrated by the Member States, which impedes us from finding European solutions.
Ladies and gentlemen, we need legislative suggestions in the areas of European supervision, capital for receivables, rating agencies, the granting of credit, crisis management models, and minimum standards for all forms of investment.
In the same breath, I would stress that we must not misuse the crisis in the financial markets to create disproportionate regulations. This is not about condemning the market and demanding nationalisation. It is about creating as much market as possible and putting in place the amount of regulation that is required in the global world. Everyone needs regulation – we must not exclude anyone – but this regulation must be in proportion to the risk and must relate to the product. That is what I am asking for and I hope that the Council will implement this."@en1
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