Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-044"
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"en.20081008.14.3-044"2
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"Madam President, ladies and gentlemen, events are happening very fast; the markets are in free fall. Nobody knows whether it is due to the loss of confidence that has set in everywhere or whether perhaps speculators are at work, trying to find out whether, and to what extent, they can still bring the market to its knees.
In a whole-day workshop in February this year, the Group of the Alliance of Liberals and Democrats for Europe already attempted to identify the causes of the crisis and determine concrete measures that we should vote in to avoid a repetition of this crisis in the future.
Blaming individual market participants achieves very little. Basically, we must admit that we have all failed: the investment banks in which products were developed that were ultimately so complex that nobody understood them, the mortgage banks that waived credit assessments, the rating agencies that generously disregarded conflicts of interest, and the supervisory organs that did not work closely enough with each other or with the relevant central banks and did not make the effort to achieve true transparency of special purpose vehicles that were not required to report individually on their balance of accounts.
Nothing has been done for far too long! The Commission, which we asked years ago to look into the rating agencies to give us some clarity about their activities and to improve transparency in other areas, waited far too long before taking any measures. Now, measures that would have been unthinkable a few months ago are being taken practically every day: the G7 on Saturday, the 27 Member States on Monday, the Ministers of Finance on Tuesday, the measures by the British Government today, and at the same time, a coordinated initiative by the central banks and a reduction in interest rates! Good; I hope that these measures will help, but they could also be misunderstood by the markets and seen as an expression of a pervasive panic – and that must certainly be avoided.
The house has 27 rooms, flames are billowing out of the roof, but what are the 27 residents doing? They are acting individually, each one fighting the fire in his own room, instead of working together."@en1
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