Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-320"
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"en.20081118.29.2-320"2
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"Madam President, those that are weakest economically are always the ones to suffer the most in times of financial crisis. Incomprehensible financial services products, the quality of which were no longer assessed by rating agencies, lack of transparency and the erroneous belief that the market regulates itself only added to the casino mentality. Unfortunately, the Commission also vehemently refused to consider legislative regulatory measures for the financial market and showed itself to be totally resistant to advice from the European Parliament.
However, the task we now face is to put this behind us and to learn political lessons from it. Employees who are losing their jobs now, and who have to accept substantial losses to their pensions due to the high-risk investments of their pension funds, will have to bear the costs in several ways. The priorities now, after and in the light of the analysis of the situation, are the introduction of an emergency plan, better control mechanisms and damage limitation, as well as securing access to loans for emerging economies and developing countries, in order to be able to create sustainable growth once again. Just as important is that the principal sceptics with respect to the necessity for a larger EU budget must have now understood that we have to set up a stronger tool as a precautionary measure in order to be able to deal with crises more effectively."@en1
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