Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-287"
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"en.20081118.29.2-287"2
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"Madam President, as regards the world financial crisis and the Commission legislative work programme, in a sense, the latter should be our response to the former. Now, perhaps some would say that we have not one crisis, but several: financial, of course, but environmental facing up to climate change, confidence in Europe after the Irish vote, and security after the recent events in Georgia. But perhaps without in any way belittling what confronts us, for ‘crisis’ we should probably read ‘challenges’ – challenges to Europe to really step up to the mark and fulfil its role.
Europe is surely the best equipped region of the globe, with our institutions really able to get at these issues and challenges which go beyond national reach, beyond the control of any individual Member State. We, above all, should be able to respond together through a strong and collective response to give confidence to those whom we represent: Europe’s citizens.
Let me give you an example. In respect of the financial crisis I believe this Parliament can rightly claim to have been at the front of the game. We had a strong foretaste in the work we did in our committee of inquiry into the collapse of Equitable Life. It was the first warning shot of the financial crisis to come. This Parliament made a number of recommendations coming out of that inquiry in June last year, recommendations about financial regulation, about administrative cooperation between regulators, about access to redress and compensation – in short, on most of the topics in the financial sector where our citizens need most reassurance at the moment.
Those recommendations would repay attention from the Commission but most particularly from the Member States, particularly the British Government, which has yet to respond to it fully, and more importantly yet to compensate Equitable Life victims, despite pushing its own way to the front of the queue against the Icelandic banks.
The financial and other challenges that face us need us to act together in solidarity, not just with an eye to national protectionism if we are to emerge unscathed as a continent. Our group, the ALDE Group, intends to respond to the work programme with a positive and progressive resolution. Many of my colleagues will give details of some of the items, but we will emphasise above all an open Europe, a green Europe, an entrepreneurial Europe and a safe Europe."@en1
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