Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-20-Speech-1-035"
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"en.20081020.12.1-035"2
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"Mr President, for several weeks the world has been undergoing a serious financial crisis. It has often been said that it stems from the excesses of unchecked capitalism, the search for profit that is not based on anything concrete, and the failure to regulate our financial system. And, of course, this analysis is quite right! However, less emphasis has been placed on the whirlwind in which our currency would have found itself without the European Union's economic and monetary policy. The euro – as has been pointed out – has withstood the crisis much better than the mark, franc or lira could have withstood it. It is quite clear, too, that the decisions taken eight days ago by Eurogroup, on the initiative of the President-in-Office of the Council of the European Union, have had an immediate effect on the financial markets. Obviously, measures will need to be taken to prevent a further financial crisis from arising in the future. However, if they are to be effective, they will need to be taken at European level. This crisis shows us that the European Union is strong when it speaks with one voice. It demonstrates to us, if demonstration were needed, that the institutional improvements provided for by the Treaty of Lisbon are more necessary than ever. It is therefore more Europe and a better Europe that we need."@en1
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