Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-017"
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"en.20080709.2.3-017"2
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"I support the view that the introduction of the euro, the gradual enlargement of the euro area and the application of consistent economic policies combined with the cautious approach of the European Central Bank have led to the present relatively stable economic development in the European Union countries.
It is also undisputable that, due to the dynamic growth in the number and variety of financial market operations, these operations are becoming less transparent. This then results in a growing number of risks that may potentially harm not just supplier and consumer groups but also the economies of entire nations. Consequently, there is a need to set up a wider EU framework for financial supervision and to involve the European Central Bank more closely in supervision to solve any problems in the financial system.
I agree with the rapporteur, Mr Schmidt, that increased cooperation between central banks and national supervisory authorities will become inevitable. The goal is to uphold stability in the financial markets, in particular taking into account the increasingly integrated financial systems. In this day and age, what applies to ecology applies to the financial markets as well. Without the participation of other big players, such as the US, Russia, Japan, China, India and others, achieving a successful result in the worldwide context will not be possible."@en1
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