Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-107"
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"en.20080922.19.1-107"2
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"Madam President, ladies and gentlemen, so great is the transparency of funds that the well-endowed rating agencies, the even better-endowed boards of banks and the more meagrely endowed regulatory authorities no longer knew what was going on. That is how transparent things are! The fact that we need to act here is self-evident and needs no further justification.
Commissioner, you addressed the question of the position with regard to short sellers. It is not a matter of whether the short sellers themselves lose out at the end of the day. The point is what they set in motion and what damage it might have caused. It is really about the effects of their actions on others. That, indeed, is precisely why the regulators in numerous countries have reacted.
As various Members have said, it is about ordinary people, about pensioners and taxpayers. I must re-emphasise that we are nationalising losses, and that cannot be right.
My report, like Mr Rasmussen’s report, contains a large number of very specific proposals. In my case, they mainly relate to issues of company law. It is relatively easy to draw up and implement proposals on these issues. In essence, the only thing that need be done is to supplement the existing rules. Nor is it in any sense a matter of discriminating against some hedge funds or other.
At the present time, we have a situation in Europe – and no one disputes this – in which these alternative financial instruments are regulated by national law but are regulated in very different ways in some instances. It makes perfect sense to incorporate them all into a European financial market and regulate them uniformly. To call for more specialists’ reports now, when we have already been discussing the matter, as Mr Rasmussen said, for three years, when we in this House already have specialists’ studies, when the Commission has been dealing with the matter and we have held hearings about it, is, I believe, pointless and would only waste time. There is truly a need to take real practical measures. The situation demands action.
Let me make one more remark, which relates to government funds. I entirely agree with you. We need government funds, and in the long term we shall also need government funds from other countries, from countries outside the EU, because otherwise it will probably become impossible in the long run to fund infrastructure expenditure in Europe. That is a matter in which you surely have the support of the Committee on Legal Affairs too, although it is not directly connected with the subject we are discussing today. We have always backed initiatives that the Commission has taken in this domain, and we shall continue to do so."@en1
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