Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-096"
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"en.20081008.15.3-096"2
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"Madame la Présidente, first of all allow me to disagree with those saying that we are not able to deliver an EU-wide response to the financial crisis. We responded by bold actions at national level where they were needed. Because our national financial markets differ, we have room for manoeuvre in stressful times, taking into account the different level and scope of our financial markets in Member States. In Vilnius we do not have a City, so our actions are different.
Somehow I am not surprised that the Commission proposals are based on the needs of cross-border financial groups; I have been a Member of the European Parliament for five years. What does surprise me is that the Commission cannot figure out that the cross-border group model cannot survive during downturns in the economy. We are witnessing this now. Business leaders have to come up with plans to modernise their model by adding flexibility at subsidiary levels, to reflect the diversity of needs of the real EU economy. The EU supervision and regulation system has to ensure the smooth restructuring of the financial industry. The starting point for reform has to be an answer to the question: ‘Which treasury will pay for the bail-out bill in the end?’ This is in the interest of the stability of the whole European Union.
However, I would like to ask my colleagues not to forget one small neighbour of the European Union which is closely related to us – Iceland. We have left them on their own."@en1
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