Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-16-Speech-3-063"
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"en.20100616.4.3-063"2
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"I welcome the European Commission’s efforts to establish an instrument to stabilise Europe’s financial situation, which would help both countries within and outside the euro area to overcome financial difficulties and also aims to reform the system of economic management. Practice has shown that monetary union alone does not ensure the economic stability of the Community. In order to achieve that, we must urgently combine the economic potential of all 27 EU Member States and better coordinate their policy in the area of the economy. Through coordination, we will also create a more effective supervision mechanism. We, as the European Union, are losing and clearly will continue to lose out to the competition by allowing various foreign rating agencies and international funds to evaluate us and take decisions on the financial state of our EU Member States.
The point has been made several times that Europe requires its own credit rating agency and this can begin to become a reality and I am pleased that JC Juncker, Head of the Eurogroup, is already talking about the need for such an agency. The European Union is also able to have its own fund through which we could establish a European market supervision system."@en1
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