Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-247"
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"en.20080924.31.3-247"2
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"Madam President, Mr Jouyet – we are sorry the minister responsible cannot be here – Commissioner, the Socialists are supporters of the market, but they know that, on any market, there are honest traders and there are thieves, meaning that a police force is needed. It is astonishing to think that, when one tries to put in place a modern police force to deal with modern thieves, one is suddenly accused of archaism.
We need modern supervision and regulation. There is no danger here that we will rush into adopting ill-advised and hasty legislation of the Sarbanes-Oxley kind, as it is more than a year since the crisis began. When Mr McCreevy addressed the Committee on Economic and Monetary Affairs on 11 September 2007, he pointed the finger at the credit agencies as the chief culprits. More than a year later, we still have no proposal. I do not think this can be described as better regulation.
As for the roadmap that was drawn up in October and December 2007, I have it here and I have checked it off, point by point. Quite frankly, first of all this roadmap was perhaps not designed for the level of crisis we are experiencing today and, secondly, when I look at how the timetable has been respected, well, it is hard to know where to start on that issue.
The French President has announced a plan: he is going to condemn those responsible and gather everyone around the table for discussions. However, what is he going to discuss? Returning to the roadmap drawn up by the Financial Stability Forum and that no one can implement, because no one in Financial Stability Forum has the authority to do so?
He proposes all this, yet his initial reaction to the crisis was to rush off to London in autumn 2007 to approve Gordon Brown’s strategy to set up an early warning system rather than strengthen Europe’s capacity to deal with the problem, which Mr Barroso is today defending in Washington. I hope that he will be able to persuade his Commissioner, Charlie McCreevy, so that European intervention in terms of the regulation and supervision of financial markets is as vigorous as it is necessary."@en1
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"(Off-microphone comment from Mr Purvis on speaking time)"1
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