Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-098"
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"en.20081008.15.3-098"2
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"Madam President, I should like to welcome Commissioner McCreevy. I have listened to many colleagues’ reaction to the Irish response to our banking confidence crisis and liquidity problems and the follow-through from other countries in the days since, because, having criticised the Irish, they then had to follow on. It is more than ironic that we now debate today the supervisory architecture for financial services in Europe. I do not know if you could call it a happy coincidence or too little, too late.
Would things have been so much different if we had had some sort of supervisory architecture in place, particularly in terms of the rating agencies? It seems to me, when you go back to the first base, that they are really the cause of many of the problems. They allowed the sub-prime crisis to get out of control by continuing to give strong ratings to institutions that had packaged these devious products and sold them on. Hence the problem we have with us today.
Let us be sure that our response reflects cool heads and proper thinking, given the crisis within which we are talking."@en1
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