Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-05-07-Speech-3-095"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20080507.13.3-095"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Madam President, the recent subprime mortgage crisis in the United States has sent shock waves through Europe’s largest financial institutions, showing us all how closely the US and European markets are interconnected.
The ensuing reluctance of bankers to lend – even to themselves – has resulted in a credit crisis which will have a negative impact on economic growth and on the prosperity of businesses and households alike, whether they are in Paris, Texas, or Paris, France.
Many governments have failed ordinary citizens. They have been ineffective regulators of financial markets, where increasingly novel financial instruments have been allowed to circulate, like in a child’s game of pass-the-parcel. But when the music finally stopped, no one wanted to be holding this parcel, which was just a bundle of bad debts.
The report very rightly stresses the need for strengthening cooperation between supervisory authorities on both sides of the Atlantic, especially at a time when governments will focus on short-term salvage operations, bailing out or propping up bankers and individual creditors.
Governments must be careful not to give the wrong signal to the unscrupulous and foolhardy. Via their financial market regulators they must demand transparent accounting methods and prudent lending criteria from financial institutions.
A concerted effort by both US and European parties will, hopefully, allow us to avoid such crises in the future."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples