Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-081"
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"en.20080922.19.1-081"2
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".
Mr President, doesn’t this all go to show that this vast exercise of EU financial regulation has singularly missed the mark? In its obsession about money laundering and pursuit of the elusive single market in financial services, the EU has been pursuing the wrong objectives. Let us accept that, despite earlier assurances from Mr Trichet and Mr Almunia and others, there will be further financial failures in the European Union, and real economies in the EU will be affected by the credit crisis.
So there is not much point now in discussing capital requirements and what we will do in the future to stop this sort of thing happening again; we have a problem, and the problem is now. We can blame the Americans, we can blame hedge funds, we can blame investment bankers, we can blame who we like, but what Mr McCreevy’s Commission might rather spend its time now doing is discussing with the finance ministers of the different countries how the burden will be shared across countries when we find that we have to bail out financial institutions to the tune of hundreds of millions, as is now happening in the USA.
How are we going to come to the aid of Italy, Spain, Greece and Ireland – Mr McCreevy’s own country – when bad situations there are made worse by the crisis, and, stuck in the euro, there is nothing that those countries themselves can do to help themselves?"@en1
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