Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-069"
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"en.20080922.19.1-069"2
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"Mr President, long before this crisis, the European Socialist Group and the European Socialist Party raised concerns over the tendencies on the financial markets for excessive debt, lack of transparency, taking high risks and paying too low prices, and making packages on leveraging which nobody could really understand or act on. We therefore raised our concerns as if looking into a new financial bubble. Nobody could tell when this would be, but we are now at the centre of the storm – the ‘perfect storm’, as somebody called it.
I feel very strongly that the debate this evening and tomorrow will be the most relevant debate in any parliament on financial markets anywhere in Europe or in the United States – debate and decisions in the sense that we are looking forward, trying to make better regulation than we have now and trying to take on a broad responsibility for doing the job as well as we can.
Now is the time to act. We have seen what happened in the US, and, while someone said that it is not as bad in Europe as in the US, I can only say that HBOS, Northern Rock and many other such cases is enough to convince me to act. We have seen the new prognoses for our economies, for our jobs, for our competition and for our investment capability: that is enough for me to act.
That is why I am proud to be telling Parliament today and tomorrow that the PSE Group has made a compromise, following tough negotiations – which is as it should be on such an important matter – with the ALDE and PPE-DE Groups. We now have in front of us a balanced report which demands that the Commission present proposals on legislation and regulation for all financial actors, including hedge funds and private equity. It is high time we did this, and I would remind Parliament that we are now asking for mandatory capital requirements for all financial institutions. We are asking for an aligning of reward packages with longer-term outcomes in order to reflect losses as well as profits. We are asking for full transparency for high-level executives’ and senior managers’ remuneration systems. We are asking for disclosure of leverage/debt exposure, the source and amount of funds raised and identification of shareholders for all investment projects. We are asking for an extension of the directive requiring that employees be informed and consulted during take-overs to include leveraged buy-outs by private equity, and we are asking for measures to ‘avoid unreasonable asset stripping in target companies’. We are asking for actions to avoid excessive debt caused by leveraged buy-out, so that level of leverage is sustainable both for the private equity fund/firm and for the target company.
I would like to ask Mr McCreevy, the Commissioner responsible for this area, to respond very concretely to these proposals. I know that they are new to him, but I insist on a timetable. We have asked for a response before the end of the year, which is three months from now. There may be details to discuss but, Commissioner, you also owe this Parliament a response, because we are not talking about a small minority, but a very broad majority within this Parliament.
I shall end by informing you that, as of four to five days ago, close to 90 000 people had signed a petition addressed to the European Parliament, the United States and world leaders, organised by the global internet movement Avaaz. I am delivering that petition on its behalf to those recipients. It reads: ‘We urge you to take a lead in fixing the fundamental flaws and loopholes which made this global financial crisis possible, including basic problems of debt and risk, incentives and transparency. We need you to work together to protect the public good by framing stronger rules for all parts of the global financial system. Be bold, and we will support you.’
Commissioner, will you be bold, together with us, support us and deliver preliminary answers before the end of the year? I must insist, on behalf of all of us, on a positive response."@en1
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