Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-01-15-Speech-2-290"
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"en.20080115.26.2-290"2
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"The first question relates to the regulated market and I think the questioner extrapolates from the recent difficulties – the difficulties of the past eight months or so – in the financial markets and races to the question of Ms Harkin. I do not think that there is necessarily a correlation there, but in all the studies and work that various bodies are doing, including us in the Commission, perhaps there would be a role for financial education.
I think the origins of the problems that created the financial turmoil come from irresponsible lending in a certain part of the world. That was the origins of the problem, but we are a long way down the road from that and it is the contagion effect that spread it to other areas. But the origins of the problem, in my view, probably relate to irresponsible lending by particular institutions.
Regarding Ms McGuinness’s question: education is a Member State competence and I would not see any difficulty in, say, a Member State, including the one we know best, taking up her suggestion. It would seem to be a reasonable idea that could be pursued at that particular level.
Regarding the Equitable Life question, yes I did support it. We are waiting for further information. As far as I know, the report of the UK Ombudsman is still the only real source for redress and that particular report is still outstanding. I will ask my Commission officials if they have any later news as to when that UK report is likely to be published. If I remember correctly this time last year it was hoped to have been reported by the end of 2007, I think November 2007; that has come and gone and maybe we might find some more information about it, but that is really going to be the next big date in that area."@en1
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