Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-256"
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"en.20080924.31.3-256"2
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"Mr President, let us hope that the American proposals for purchases of toxic assets do work, because, if they do not, the contagion will almost certainly spread over here. I would like assurance from Mr Jouyet and Mr Almunia that we really do have our defences in place. Do we have our lenders of last resort ready to meet the very worst which might occur in such a circumstance? We are moving from a liquidity problem to a solvency problem.
It is true that, in due course, we will have to review our regulatory defences, but this cannot and should not be done precipitately, in the heat of the crisis. We would risk overreacting, imposing unnecessary, wrongly directed, over-draconian conditions which would only harm the prospects for investment in our economies and jobs for the future.
The most vital thing, which we must bring about immediately, is the restoration of confidence. Mr Almunia, you mentioned the word several times. Let us see how we can set about it.
I would urge that the leaders of the world’s most important economies of America, Europe, the Middle and Far East meet together within days and assure the world unequivocally that whatever is necessary to douse the flames will be provided unequivocally wherever those flames may erupt. Only when the flames and embers are extinguished can we turn to post-mortems as to how this happened and what is needed to avoid it happening again.
Confidence is the vital base on which a vibrant financial system and a vibrant global economy rests. It is now up to the political leaders of the highest level – a summit indeed – of the free-market economies to come together – no excuses, no holding back, no arguments – to take full responsibility for restoring confidence."@en1
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