Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-20-Speech-3-505"
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"en.20101020.21.3-505"2
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"The financial crisis put an end to the fairytale of self-regulating financial markets. In particular, the non-transparency of financial products and high-risk packaged structures, together with the United States’ soft currency policy and conflicts of interest in terms of ratings, gave rise to a global financial crisis. The Member States of the EU and their populations have plenty of food for thought in connection with the resultant economic crisis, with its growing rate of unemployment and social service sector cuts. The rescue packages were only able to arrest the downward spiral in the short term. In the long term, they only displace the underlying problems. The crisis must absolutely not be used to extend EU competences.
Eurocracy and bureaucracy are no answer to the crisis. Rather, thanks to their enforced conformity and the fact that they ignore cultural differences, they helped to create it. I am all in favour of better coordination and consultation at the EU level. European-level economic governance, on the other hand, must be rejected in the strongest terms, and I therefore definitively reject this report."@en1
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