Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-21-Speech-2-100"
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"en.20081021.7.2-100"2
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"Madam President, as I take the floor in the debate on the European Council conclusions, I should like to refer to two issues.
The first of these relates to the financial crisis. The latter has proved beyond all doubt that the system of regulatory oversight of banks is in need of radical improvement. The changes should focus on improving asset risk assessment and adjusting precautionary measures to new financial instruments. Changes leading to the elimination of the procyclical nature of decisions on mortgages are also needed, however. Mortgages increase as the price of property rises and decrease as it falls. It is precisely that mechanism that contributes to the emergence of speculative bubbles.
The second issue I wish to mention concerns the climate package. I welcome the Council’s decision to seek a compromise on the system for the sale of authorisations for CO
emissions. There are Member States in which 90% of energy is sourced from coal. If these countries were required to purchase 100% of their authorisations from as early as 2013, the effect on their economies would be disastrous. Common sense and the principle of equal treatment require transitional periods to be introduced."@en1
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"2"1
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