Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-888"
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"en.20101123.33.2-888"2
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"In the European Parliament’s resolution on the ECB annual report 2009, it is noted that the principles of the Stability and Growth Pact were not always fully respected in the past and therefore, it is necessary to ensure that in future, this pact is applied more coherently and effectively in the Member States. I supported this resolution and believe that a monetary union needs strong coordination of economic policies and for the current gap in macro-prudential supervision to be closed by establishing a European Systemic Risk Board (ESRB). I feel that under the concept whereby the ESRB only gives warnings and recommendations with no actual enforcement, it is impossible to satisfy the principles of effective implementation and responsibility, and the ESRB cannot declare an emergency by itself. Therefore, the ESRB must be given greater powers. It is particularly important to call on the European Commission not to simply limit itself to amending the regulation on credit rating agencies, which would increase the liability of these agencies, but to present a proposal on the establishment of a European Credit Rating Agency which would facilitate an objective assessment of the economic and financial position of the Member States."@en1
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