Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-24-Speech-5-243"
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"en.20090424.38.5-243"2
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"I agree with the recommendations emerging from this resolution, which comes at an urgent time to address the financial crisis.
It must first be said that we are not through the crisis yet and that the authorities cannot relax in the thought that it will pass.
Several key aspects are important to be acted on.
First, dealing with ‘systemic risks’: the international institutions need to be strengthened to face future threats. Inside the EU a sole authority such as the ECB must be considered for reasons of coordinating strong actions when urgently required.
Secondly, the revamping of existing legislation and introduction of new legislation which recognises the specific needs of sectors of the financial services industry, in particular Solvency II and CRD, are vital elements which contribute to the management of risk. Also, credit rating agencies are now going to be regulated.
On the fiscal measures currently being envisaged by Member States, it is important to continue with sensible, balanced approaches which also do not add up to protectionism.
We will face rising unemployment and falling demand. Social policies, too, have to reflect the concerns of European citizens and need to be of higher concern than seems apparent from the recommendations currently known."@en1
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