Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-252"
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"en.20080924.31.3-252"2
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"Madam President, the financial crisis rages on and euro-zone countries are facing recession. The answer, we are repeatedly told, is that we need more regulation to make the financial sector work better.
But we have a problem now, and changing the rules after the problem has arisen is not going to help us with that problem.
I urge Members to consider a completely different reaction to the current economic difficulties. They are a signal that we cannot continue as we are and that, thanks to borrowing that has been too cheap and imports that have been too cheap, we have all been living above our means and we cannot go on consuming at the same rate.
Adjustment will be painful, but it is necessary, and in these hard times there is another message that is even more salient but will not be heard in these institutions. It is that the EU cannot continue with its massive legislative programmes in the name of health and safety, consumer protection, social equality, for instance, for the overriding effect of all these schemes is to add costs and to crush the productive activity on which our very prosperity depends.
In these hard times, the one message that should be heard is that European countries can no longer afford the European Union, its institutions and its immense outpourings of legislation."@en1
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"John Whittaker (IND/DEM ). -"1
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The resource appears as object in 2 triples