Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-030"
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"en.20090916.4.3-030"2
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"Ladies and gentlemen, I agree with many of the points that have been made, but must qualify some others.
I agree that it is too soon to take away the patient’s crutches, but that it is time to get him ready to walk without them. We still have to absorb excess liquidity in the markets, correct the imbalance in public finances and re-establish respect for competition rules. In Pittsburgh we must do several things that we cannot do alone: we have to set up early warning mechanisms that work, because those that we had did not work; we have to revise the regulatory framework, because the existing framework has not worked.
I agree that it is important to regulate bonuses and tax havens. These are all necessary, but inadequate, measures. In my opinion, it is more important to re-build the muscle of financial institutions, limit debt and set up reserves in good times so that we can weather the bad times. It is more important to make an effort in terms of supervision.
The Commissioner knows that I supported the de Larosière report, although I felt it was inadequate, because I would support more centralised supervision. However, it is clear that European supervision cannot function without close coordination with the supervisory authorities of the other major economic areas of the world. We also need to do something about trade. It is all well and good helping the emerging countries, but it is more important to lift the barriers that are still preventing trade in goods.
Commissioner, the most important point is that we need to establish the foundations for stable and sustained growth over a generation. For this we need free markets, markets open to innovation, markets open to entrepreneurs, but also markets subject to a certain level of regulation.
I will end with a quotation, which will be familiar to my compatriot Mr Almunia: ‘Publish not many edicts; when you do enact pragmatics and decrees, see that they be good ones and, above all, that they are well observed’, so said Don Quixote to his friend Sancho."@en1
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