Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-021"
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"en.20090916.4.3-021"2
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"Mr President, ladies and gentlemen, I welcome the fast and decisive reaction of the G20 to the global financial crisis. A great deal has happened. The fire appears to have been put out, but the foundations of our financial system are still shaky. The citizens are unsettled. Profits are being ploughed back for the benefit of shareholders and losses are being socialised, that is how the citizens see it. In the meantime, it is back to business as usual for more and more market players, who are making big moves, rather than focusing on what they should really be doing as service providers, namely supporting the real economy. Financial ethics and responsibility appear, as ever, to be foreign words to many of them.
I am expecting specific – and fast – measures from the G20. I hope that the EU Member States will all pull together. In addition to new supervisory structures, we also need bigger equity bases, which increase in line with the risk, long-term – not short-term – incentive systems, a coordinated exit strategy from State aid, contained protectionism, congruent regulation, rather than regulation arbitrage, an end to pro-cyclicity and a solution to the ‘too big to fail’ problem and, above all, we must abide by the tried and tested social market economy."@en1
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