Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-307"
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"en.20081118.29.2-307"2
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"Madam President, with regard to the G20, I believe that the European Union went to that summit with good proposals. When one reads the conclusions of the summit, they seem to be somewhat lacking in bite. How are we going to deal with the issues of rating agencies, hedge funds and tax havens? Good intentions abound, but if we rely entirely on self-regulation and codes of conduct, we shall not succeed. Let us be realistic and ambitious.
As far as the representation of the European Union is concerned, the picture, quite frankly, was less flattering. We need to make progress. This is something that the large Member States must recognise, but so must the small ones, which sometimes provide the heads of IMF (International Monetary Fund) departments and have no wish to relinquish these positions. Every country must play its part so that we can improve the future representation of the European Union.
With regard to the real economy, I heard what President Barroso said, and I was quite surprised. In his view, when the Commission exercises its right of initiative, it is engaging in populism. This being the case, I invite the Commission to adopt the proposals made by my colleague Poul Nyrup Rasmussen, even though it might regard them as populist. The fact is that, if we take no action in the realm of the real economy, we shall experience the same collapse and adopt the same strategy for economic recovery that Ireland has launched to rescue its banking sector, an ‘every man for himself’ strategy which, at a time of global crisis in a globalised economy, cannot possibly succeed.
That would be a waste of public money and would not in any way help the European Union to catch up with the United States, which has already devised a large-scale recovery plan.
We must think European, we must think global, and our national action must be concerted and coordinated, with scope for the Commission to take initiatives. That is what we expect from its communication of 26 November. We expect an ambitious European recovery plan."@en1
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