Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-081"
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"en.20081008.14.3-081"2
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"The global financial crisis will rightly top the agenda of the October Council. The crisis is man made – from the USA to the EU and beyond, the meltdown in the banking and financial sector is as shocking as it is real.
There is a sense of disbelief that the unthinkable – namely the collapse of the banking system – is now upon us. The demise of individual banks and dramatic intervention of governments to shore up the fragile financial sectors has resulted in great public unease about the ability of politicians to protect them against such eventualities.
Banks do not want regulation, and it is now clear that regulation was weak and ineffective in protecting not just the banking customers but the very institutions themselves.
Yet, when times got tough for the banks, they ran to the politicians to rescue them. So it is up to us to seize this moment and place the power back where it should always have resided, and that is in the political system, rather than in the financial markets."@en1
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