Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-047"
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"en.20090916.4.3-047"2
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"On Monday this week, it was a questionable honour to work on what is a sort of anniversary: exactly a year before, the investment bank Lehman Brothers had collapsed. The collapse is regarded as having actually precipitated the current deep global recession and the financial crisis.
At a point in time so close to the anniversary and the approaching Pittsburgh G20 meeting, it is worth stopping to reflect on what has been learned and what can still be learned from the crisis. I see something crucial emerging from the crisis, and that is an opportunity to overhaul thoroughly the international financial architecture. There have already been steps taken in this direction. The G20 meeting last spring served as a good basis for action and guidance for global consensus on the measures required. The United States of America very recently announced a huge financial legislative package. The European Commission is expected to make a proposal for building the European financial architecture and its supervision next week. The key phrase here is ‘global approach’.
We have to establish internationally binding rules on the reform of the International Monetary Fund, regulations on solvency, and new rules on the payment of options. The legislation must extend to all financial products, and it needs to be flexible so that it can always react to a changing sector, and one that launches new products.
In the grip of a crisis that is wrecking people’s basic security, livelihoods and welfare, it is also constructive to think about new ways of measuring wealth. The final conclusions published by the commission that President Sarkozy recently appointed recommend a switch from measuring prosperity based on GDP to new methods which take account especially of a society’s ability in economic terms to safeguard its citizens’ well-being and environmental sustainability."@en1
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