Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-194"
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"en.20070905.21.3-194"2
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"Mr President, ladies and gentlemen, we find ourselves in this Parliament facing once again a problem we faced back in July. At that time, some uncertainties were expressed concerning the crisis which was then about to strike the euro area. This was a crisis foretold, as indicated by the news coming from the USA.
It had already been clear for some time that property prices in the USA were excessively inflated and that the US system allowed loans to be granted too easily to insolvent persons, or to be granted at very high interest rates, and the resulting turbulence in the global market was inevitable.
Who has played a part in this game? Investors, citizens, mainly from the US but also Europeans, are suffering its negative impact; citizens and investors, savers. Thus the question is whether this Chamber, and the institutions in general, have the protection of savers at heart. Protecting savers means understanding the role played by the other operators within this framework or in this scenario, the role of the credit rating companies, which often display a great inconsistency and have conflicts which at times go unchallenged. I believe that rules and standards ought to apply to all of this.
The crisis has also highlighted a marked contradiction at a time in which the ECB has been forced to make financial movements in the market and at the same time to raise interest rates to tackle the risk of inflation. Let us hope that this situation will not persist.
The fact that this is happening, however, means that we must ask ourselves how the standards governing persons on the world stage – since this is a crisis which has once more highlighted the aspect of globalisation – ought to define the conduct of every person."@en1
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