Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-217"
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"en.20101006.15.3-217"2
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"I believe that the recent economic and financial crisis, or the biggest recession since the days of the great depression, has highlighted the need for a radical review of the current Basel II regulatory framework. I would like to remind you here in Parliament that the Basel II agreement defines the criteria for accessibility to credit by forcing banks to objectively assess the credit status of a company, taking account of risks connected with its possible state of insolvency, of guarantees, and of exposure in the event of bankruptcy. Although the aim of these criteria is to improve the competitiveness of companies and strengthen the financial system, they are excessively punitive to the small and medium-sized enterprises that drive the Union’s economy. In concrete terms, because European enterprises are not on such a firm financial footing, application of the agreement often means less access to credit and higher interest rates. Although I find the efforts of the Basel Committee to update the general regulatory framework to be encouraging, I am extremely concerned about the shortcomings that emerged during the course of the negotiating process. For this reason, I agree that it is advisable for Parliament to be more involved in the negotiations with the aim of making the changes needed to ensure that European industry and the European economy are not at a disadvantage."@en1
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