Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-178-000"
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"en.20110308.22.2-178-000"2
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"Mr President, ladies and gentlemen, the current economic and financial crisis has revealed serious shortcomings in the regulatory and supervisory framework of the global financial system.
In the European Union, the financial crisis was followed by a significant fiscal crisis, an important factor of which was the excessive and, on several occasions, unjustified pressures of the markets against national bonds. It was once more short-term and highly speculative transactions that were in the middle of that crisis and have underlined the clear connection between inefficient financial regulation on the one hand, and supervision and the sustainability of public finances, on the other.
The economic costs of the crisis are still to be fully assessed. However, what is clear by now is that the world and the EU cannot afford and should not allow for another crisis of a similar magnitude.
In order to provide comprehensive and integrated responses to the crisis, we need new and innovative financing mechanisms which are capable of curbing speculation and re-establishing the primary role of the financial sector. It is therefore necessary to change, and in an extremely positive way."@en1
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