Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-21-Speech-2-077"

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"en.20081021.7.2-077"2
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"I agree with the conclusions of the European Council that the European Union must strive, along with its international partners, to bring about a complete reform of the financial system. This situation will linger for at least 10 years and it is ordinary people who will pay for all of the errors. Decisions must be taken quickly on transparency, global regulatory standards relating to trans-border supervision and crisis management. State aid within the framework of individual countries must not be allowed to distort economic competition, for example through discrimination in favour of branches of those banks which are owned by a central bank in another state of the Union. There should, however, also be no disproportionate flows of liquidity from branches to their parent banks. I am in favour of a rapid strengthening of the rules governing the activities of rating agencies and their supervision. We also need a quick decision on rules governing the safety of deposits, with the aim of providing greater protection for consumers."@en1
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