Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-094"
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"en.20080922.19.1-094"2
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"Madam President, let me start by saying that it is a rare event when a European institution is acting before and not after a problem occurs. And we are talking about a huge problem the real consequences of which will become visible in the months to come.
Thanks to the efforts of the rapporteur, Paul Rasmussen, the issue of hedge funds and private equity regulation has moved from the periphery to the centre of attention of the financial experts and policymakers. It is the European Socialist Party that raised the need for better regulation of the activities of hedge funds and private equity. We did it because all European policies need long-term investment, which requires long-term financing. We did it because our main goal should be to secure sustainable growth and job creation, to ensure predictability and long-term planning for families and businesses.
I urge all Members to support the report, which has been approved by a large majority in the Committee on Economic and Monetary Affairs. That will be a big step for Parliament since we are going to request from the Commission a number of legislative measures which are aimed at achieving transparency and financial stability.
This is not an easy debate. It is true that this report foresees much less than we initially strived for. At the same time we are about to achieve more than seemed to be possible a few months ago. Recent times and developments on the financial markets prove that we are right.
Now, Commissioner, we are not going to blame you if you decide to act preventively, and include in your legislative proposals more than the European Parliament will require from you. It is not a time for competition in regulation – since excessive regulation is not better than the lack of regulation – but it is high time to act, and you know it."@en1
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