Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-197"
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"en.20070905.21.3-197"2
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"Mr President, there is a lot to say about this financial crisis, but I will use my two short minutes to focus on three areas where I think we need to take action.
The first is the lack of regulation. Several members have said this already. Complex new products, and particularly the diversification and securitisation of risks, is something which is a key element in this crisis. It was sold to us as a perfect method to get rid of risks, but it is now clear that diversification has also meant a proliferation of risks and of the insecurity that is now everywhere.
The second element concerning regulation is that these operations largely take place outside the regulated market: over-the-counter activities and hedge funds, as has been mentioned already. I really think that we have to investigate where these blind spots are leading. I know Mr McCreevy does not agree, but I think it is really high time now to look into possibilities of regulation – not to over-regulate, not to panic, but really to conduct a serious study. That is what the Commission should do.
Another element is the lack of information and transparency. This has also been mentioned by several people. I want to mention the ratings agencies as well, and the accounting rules which Mrs Berès also mentioned – the fair value issue. This is linked to my third point, which is the lack of coordination and cooperation. That is an element which we have seen now in the actions that have been undertaken by the ECB, which correctly provided liquidity but did not have the information and does not have the tools to punish those who caused the crisis. There should be a much closer link between the ECB and its knowledge and the supervisors. A very important element is cooperation and the strengthening and reinforcing of European-level supervision, which really has a grip on these phenomena at the top of the market and these new phenomena.
I have mentioned several times that we need such European-level supervision. People then tell me, even if they agree, that you have to wait for a crisis to appear because the sense of urgency is not there. I think now it is high time, and the crisis is there, so now we should act."@en1
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