Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-05-06-Speech-3-081"
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"en.20090506.3.3-081"2
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"This year European wealth will fall by 4% and unemployment will increase up to 26 million. The world and the European Union should have done more, better and earlier with regard to regulating the financial markets.
I welcome the work done by this Parliament, much of it in an atmosphere of urgency, but I would underline the contribution made by the Socialist Group in the European Parliament, which should have received more recognition at the appropriate time.
I regret that the Commission’s reaction has been slower, more piecemeal and more limited than the situation required and requires, as illustrated by the recent proposal on hedge funds.
The adoption of the directive on capital requirements is another step in the right direction. We know that it is not ambitious enough and falls short of expectations, but today the most important thing is to give a clear signal to the financial institutions and markets that business as usual has come to an end. I applaud the work of the rapporteur and shadow rapporteurs, particularly Pervenche Berès, in their search for a compromise.
This directive does introduce clear rules, but a great deal of work will still have to be done during the next revision on some of the more controversial issues, particularly on the level of retention for the purposes of securitisation.
Today it is vital that this Parliament ensures the adoption of this directive, thus sending a clear message to European citizens that things are changing and will continue to change, and that we are particularly concerned about them."@en1
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