Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-202"
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"en.20070905.21.3-202"2
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"Mr President, following the storm, the skies have not yet cleared, and in the midst of the uncertainty there is a demand for economic stability, financial security, growth and job creation.
This crisis is a great opportunity to take action in four major areas.
Firstly, we need to act to limit its impact on the economy as a whole. The market has reacted with turbulence in share prices and a tightening of financial conditions. The European Central Bank’s response of providing liquidity was a positive one.
Financial institutions have already increased their interest rates to their clients, in anticipation of the predicted rises within a few months, taking into account the growth of the economy and the announcements made by the European Central Bank. I hope that the European Central Bank will act in a balanced, prudent manner for our economy.
Secondly, we need to act to improve risk management and economic governance. There is symmetry between a global financial services market and a national regulation and supervision system. If within the European Union we do not promote these objectives in an integrated way, we will not be able to put them forward at global level, and we will not be protecting our citizens or defending their interests.
Thirdly, we need to act to make the market more transparent. The diversification and dispersal of risk can be positive if it does not prevent risks from being controlled in the market. We need to adopt measures in order to map out financial risks.
Finally, we need to act to make the operators more responsible. Trapping people with limited resources into debt with very expensive mortgages that could even be described as predatory during a period of interest rate rises and the end of the growth trend in the property market is bound to generate problems.
The banks that relaxed mortgage conditions because of the possibility of transferring those mortgages, the rating agencies that did not warn about the quality of the securities, the investors that purchased securities imprudently and the institutions that financed them without additional guarantees all have a responsibility, and we need to make sure that this does not happen again."@en1
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