Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-011"
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"en.20090916.4.3-011"2
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"Mr President, Minister Malmström, Commissioner Almunia, we are in a global crisis. We have a financial sector that operates on a global basis and we therefore need, as far as possible, to agree binding rules for the sector on a global basis. That is why the G20 in Pittsburgh is so important, though the European Union itself should, of course, take vigorous action. Efforts must be focussed on restoring the balance between freedom and responsibility, the values that form the basis of our social market economy, the core of our electoral platform in the Group of the European People’s Party (Christian Democrats).
Mr President, the G20 Summit is an important summit where it is more than vision that will be needed – I am happy that you have said so too. It is a summit where decisions have to be taken. This relates to structural reformation in risk management, more transparency and better rules for financial supervision. Commissioner Almunia, you said that there are proposals in place for hedge funds. What do you hope to achieve in this regard at the G20 Summit? A rapid reform of the IMF and the World Bank is also very much needed, and – I am pleased that you have both said this too – there must be timely work on a coordinated exit strategy, or new problems will arise once again.
Mr President, it is of the greatest importance that the flawed bonus culture be tackled with binding rules, as bonuses that reward short-term profits pose a great risk to the stability of financial institutions. That is not all, however, as there is rightly a great deal of public indignation and, for that reason, too, it is very important that we show ourselves to be decisive in this regard.
Mr President, the summit will only be a success if binding agreements are reached. I have talked about financial regulation, but climate change, preparing for a successful Copenhagen Summit and fighting protectionism in the interests of jobs are, of course, very important issues. You, the European Union, all of us together, must play a pioneering role in this regard, and it is therefore important that you get the Member States to pull together."@en1
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