Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-21-Speech-2-074"

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"en.20081021.7.2-074"2
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"Mr President, at this time of global financial crisis, Europe is taking its first steps as a political player; and under your Presidency, under the French Presidency, the Heads of State or Government have made the right decisions. I also think that the European plan is better thought out than the Paulson plan, and I hope that it will be able to limit the damage. Clearly, we now need to go further. The reform of the global financial system for which we are all hoping and praying will only be possible – I am absolutely convinced – if Europe is in a position to make its presence felt, and, for that to be the case, we will need to find new resources. We will need to set up a European financial markets authority and a European banking committee. We need a European regulator who will, at that point, be able to talk to the US regulators, and we must be able to bring an end to tax havens on our own continent if we want our efforts to defend this idea at global level to be credible. Equally, if we are to face up to the economic and social crisis, we will need a European response. We need a joint action plan to help our fellow citizens, so that, tomorrow, we can invest in non-relocatable activities – for example, heavy infrastructure or a plan to bring buildings up to environmental standards. We will need economic governance of the euro zone – it is certainly time. More than that, though, we will need, in future, to think, to define, to support and to inspire a model of European development that is ethical, humane, socially responsible, and sustainable in all senses of the word."@en1
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