Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-065"
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"en.20081008.14.3-065"2
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"Mr President, instability spreading like wildfire is typical of today’s world. This is especially true of the financial markets, which these days are among the most global of all business sectors. Irresponsibility, over-zealousness and failure to regulate on one side of the world will potentially hit the pockets of ordinary consumers everywhere. I too welcome the Commission’s initiative to set up a standing working group to deal with the financial crisis in the Commission. As the Commission’s President, Mr Barroso, said, we can and should do much more.
I think, however, that the Commission has been saddled with too much responsibility here. Responsibilities need to be kept clear. The European Central Bank is there to make sure that prices and the value of money remain stable. The ECB has acted effectively to ease the crisis. Today’s coordinated interest cuts are a good indication of this. On the other hand, Community institutions – the European Commission and the European Parliament – are responsible for ensuring that the single market remains open and that legislation is in place. Market actors must comply with the law, control their risks and encourage households which owe them money to seek appropriate solutions. Finance groups must attend not just to their own business but also take wider social responsibility. The main responsibility, however, lies with the finance ministers, because most of the instruments for growth and solutions to the crisis are in their toolkit, and are not to be found at the ECB or among the European legislators or market actors.
The financial ministers have shown initiative. In October 2007 they adopted clearer rules to prevent crises in the financial markets. Considering how long-term this job is going to be, the 13-point list from yesterday’s Ecofin is pretty pathetic. I am not against the proposals, but I think that the action programme is inadequate. It is not enough to do something: we also have to do the right things, and it is even more important to know how to do nothing, when legislation is not the right solution to the problems. We should not allow room for all populist pressures."@en1
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