Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-480"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-06-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Securities to be offered to the public and harmonisation of transparency requirements (debate)2
dcterms:Language	"es"^^xsd:language2
lpv:document identification number	"en.20100615.29.2-480"2
lpv:hasSubsequent	lp_eu:2010-06-15-Speech-2-4812
lpv:speaker	lp:José Manuel García-margallo Y Marfil2
lpv:spokenAs	substitute; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2011-12-20)3 vice-chair; ECON (2009-07-16--2011-12-20)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2011-12-20)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 chair; Delegation for relations with the countries of the Andean Community (2009-09-16--2011-12-20)3 unknown; Partido Popular (2009-07-14--2011-12-20)3 member; Conference of Delegation Chairs (2009-09-16--2011-12-20)3 substitute; IMCO (2009-07-16--2011-12-20)3 member_of_the_bureau; EPP (2009-09-16--2011-12-20)3
lpv:translated text	"Mr President, Commissioner, we know a number of things. We know that this crisis has been like a mutating virus: it began as a property crisis, later becoming a banking crisis, then an economic crisis, and ended up as a sovereign debt crisis that could bring other crises in the sector in its wake. We also know that this crisis has been very expensive. According to your services, aid commitments to the financial sector total EUR 3.5 billion: in other words, one third of the EU’s gross domestic product. We also know that one of the root causes of the crisis was the lack of transparency in products, institutions and markets. That is why the report that we are discussing at the moment is so important. However, if you want a statistic, I would remind you that in the United States alone, in the years 2000-2006, asset-backed securities increased by a factor of four and mortgage-backed securities by a factor of seven; moreover, in a very recent court appearance, the advisors of a reputable bank said that they did not have a very good idea of what they were selling. We also know – and this is the third statement – that many of the commitments that we made at the G20 have not gone, to quote a Spanish poet, ‘from the Muses to the theatre’ – they have not gone from imagination to the written word. We also know that throughout this remodelling of the financial sector, there are three principles which I see as key: Pan-European entities must be supervised by pan-European authorities; we must have the necessary measures at our disposal to detect the virus and avoid infection; and, finally, we must prevent the public from having to pay by itself for those infections that it has not caused. Commissioner, you have a major job to do if we do not want the next crisis to catch us with our pants down. I will end by saying in French that I recommend ‘ ’ in your mission – boldness, more boldness and forever boldness."@en1
lpv:unclassifiedMetadata	"de l'audace, encore de l'audace et toujours de l'audace"1
lpv:videoURI	<go to Events_and_structure europarl>2

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