Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-253"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-09-24"^^xsd:date2
dcterms:Is Part Of	lp_eu:Situation of the world financial system and its consequences on the European markets (debate)2
dcterms:Language	"es"^^xsd:language2
lpv:document identification number	"en.20080924.31.3-253"2
lpv:hasSubsequent	lp_eu:2008-09-24-Speech-3-2542
lpv:speaker	lp:José Manuel García-margallo Y Marfil2
lpv:spokenAs	vice-chair; ECON (2007-02-01--2009-07-13)3 vice-chair; Delegation for relations with the countries of Central America (2007-03-14--2009-07-13)3 substitute; Delegation for relations with the countries of the Andean Community (2007-03-14--2009-07-13)3 substitute; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2008-10-22)3 substitute; AGRI (2007-02-01--2009-07-13)3 member; EPP-ED (2004-07-20--2009-07-13)3 unknown; Partido Popular (2004-07-20--2009-07-13)3
lpv:translated text	"Mr President, I will try to be very clear, given the wide variety of opinions expressed from my bench. Firstly, the current crisis is not a biblical curse or a punishment from the gods. The markets have failed and these failures have prompted interventions which would have delighted Keynes himself. If the markets have failed, then we must correct what has failed in the markets; in other words, we must do something. This something involves various things. Firstly, we must administer a shock treatment to bring the patient out of his current coma. I would remind the Commission and the Council that, while the liquidity problems can be solved by the European Central Bank, the solvency problems are something which directly affects you: the Council, the Commission and the Member States. Secondly, to stop this happening again, we need to know what has failed in the markets and what principles we should re-establish. There has been a failure in the management of risk, in governance and, finally, in ethics. This means that we must re-establish some basic principles: transparency in products, in companies and in markets; responsibility of managers; confidence between the financial economy and the real economy, and the central role of politics. I agree with the Council that the times of total deregulation are over. Neither the markets nor industry can self-regulate. The final prescription – which is needed to vaccinate the patient and ensure that this does not happen again or in any other way – is that we must continue with market integration. We have to achieve a sufficiently critical dimension, as they have done in the United States. We have to establish a democracy of the euro so that our currency can have some influence in the world in a crisis that is global. Finally, we have to review the regulatory framework and the supervisory framework which are what have failed. I therefore do not agree with soft legislation, with codes of conduct or with self-regulation. It is up to us all to offer a response to our people who are, after all, the ones who will ultimately pay the price."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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