Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-211"

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"en.20100707.23.3-211"2
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"Madam President, ladies and gentlemen, the recent financial crisis has given rise to a number of debates on the urgent need to intervene in order to guarantee the sustainability and the stability of the financial system. The measures adopted hitherto involve costs of an unprecedented magnitude, with negative side effects such as the freezing of financial markets, the contraction of the credit markets, the paralysis of businesses, a sharp increase in unemployment and a reduction in tax revenues. Whatever the final cost, it is clear that it will be too much for European taxpayers, growth and jobs to bear. The variety of approaches, methods and tools used across Europe and the US has raised serious concerns as to the effectiveness of the overall exercise, legal uncertainty and distortion of competition. It is therefore more important than ever for consistent, global solutions to be adopted through the international alignment of regulations and procedures, and it is now that the European Union should show leadership and play an active role in planning the new financial system, a robust and healthy European single market among 27 Member States."@en1
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