Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-293"
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"en.20081118.29.2-293"2
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"Madam President, I am not really going to talk about the diagnosis of the financial crisis. We all agree that this started as a crisis of liquidity which then became a crisis of solvency and which has ended up as a crisis of confidence, resulting in a lack of credit which has now damaged the real economy.
The response, contrary to what has been said here, has not been a united European response. In the best-case scenario, it has been a coordinated response. You may say that, in the current situation, nothing more can be done. However, I believe that more can definitely be done.
As regards the financial rescues and also liquidity and solvency, it is shocking that three institutions are assisting the markets and giving loans all at the same time: namely the European Central Bank, the European Investment Bank and the Commission itself. All three are competing with each other, to everyone’s detriment.
As regards fighting the crisis in the real economy, the Washington Summit announced budgetary remedies but did not say what these would be. Some countries will opt to reduce taxes, whereas others will opt for a public spending programme in the purest Keynesian style. We would do well to find out whether, if all these actions are not coordinated, those which work will benefit those which do not. We would also do well to lay down rules on the Stability and Growth Pact.
In international terms, it is true that my country of Spain and also the Czech Republic and the Netherlands were present in Washington but did not attend the preparatory meetings, and no one can guarantee that they will do so in the future. I should like the Council and the Commission to tell me how they plan to reform the Executive Board of the International Monetary Fund and what they plan to do so that all the countries that should be are represented in the Financial Stability Fund.
I will end with a warning. Parliament is being asked to cooperate with the Commission’s plan: we always have done. If the Commission had heeded the warnings that we have been giving since 1999 in repeated reports ignored by the Commission and Mr McCreevy in particular, things would now be very different."@en1
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