Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-085"
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"en.20081203.13.3-085"2
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"Mr President, first of all I would like to confirm to Commissioner Almunia that ‘one plus one’ is not two but three if we do it together. I will try to explain this to my little grandson and he will understand, as he is becoming a good European.
I am not going to go into coordination because I think my good colleague Mrs Berès has underlined the issue, as you did yourself. I would just like to say one thing on that – this is also directed to the Presidency of the European Union and the Council – which is that there is a great danger that our Member States have not yet really understood the magnitude of the need for financial investments. Let me just give an illustration: if our aim is to maintain the present employment level in the European Union, we need to invest 1% more of GDP not only in 2009 but also an extra percentage in 2010 and an extra percentage in 2011. This is documented by our macroeconomic calculations covering the whole of the European Union.
My hope is that what we do before Christmas will be a beginning – and I know that the French Presidency shares this ambition. Therefore, please make a timeline which says: let us evaluate the effects before spring next year and before the spring Council. Let us be ready before the spring Council to create new financial stimuli. Because I fear that the Commission’s present prognosis – and it has done it as well as it can – will be supplemented by a new one which will show us that the job to be done is even more demanding.
Finally, I want to talk about regulation. I should like to thank the Presidency very much for saying this is a regulatory crisis. I agree. That is why I am so disappointed by the information I got yesterday in the Committee on Economic and Monetary Affairs under the leadership of Mrs Berès. We have unanimously here in Parliament agreed on a report saying that due to this regulatory crisis we must have new regulations empowering all financial actors without exception – including hedge funds and private equity.
Yesterday I got a message from Commissioner McCreevy saying: ‘I hereby invite all actors to a new consultation on hedge funds’. Two years ago we had the last consultations on hedge funds, which only concentrated on those guys in the City of London. We now have a new consultation two years later. We do not need more consultations. We need regulations. We know exactly what the problem is. Then Mr McCreevy said yesterday: ‘By the way, I do not intend to do anything about private equity’. However, he is asking the lobby organisations for private equity whether they would be so kind as to ask those who are not covered by the Code of Conduct to be covered.
Ladies and gentlemen, it is my turn now!
What I am trying to say is: please I need your help – and I am calling on you Commissioner Almunia – I want you to understand that people will simply not understand that we, the European Union, are not capable of fulfilling our duty to regulate the financial market in a comprehensive way, so that we can be sure that this situation will not occur again; and that we can finance this expansion exactly as Commissioner Almunia described.
I would really ask you for an answer before Christmas so I can tell my little grandson ‘let us go for it!’"@en1
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