Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-24-Speech-1-229-500"
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"en.20111024.20.1-229-500"2
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"The debate on global economic governance came late, as proven by the very outbreak of the economic crisis in 2007. Since the beginning of the 2000s, economic and financial regulations have been unable to keep pace with the development of the financial sector. Regulatory authorities have been trying to keep global financial processes under control from within national frameworks, while the banking supervisory system left it to the speculators whether or not to follow the rules.
International economic governance organisations such as the IMF and the World Bank are suffering from a severe lack of legitimacy. Their organisational structure does not reflect the realities of the global economy and the increased role of emerging economies, especially the BRIC countries. The G20 have yet to transform into an organisation that can adopt truly substantial, legally binding decisions.
The European Union recently took important steps towards a more forward-looking management of financial processes. The financial transaction tax would make financial transactions more transparent and controllable and would, at the same time, ensure, without resorting to excessive anti-banking steps that could prove an impediment to growth, that the financial sector plays a greater role in mitigating the impacts of the crisis.
At the G20 summit in November, the European Union must aim to convince the major actors of the global economy about the necessity of stronger and more effective solutions, of damage prevention instead of damage control, in order to trigger economic growth and ensure job creation and a more equitable distribution of the burdens of the crisis. The aforementioned solutions can be considered a solid basis for creating a system of global economic governance."@en1
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