Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-097"
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"en.20081008.15.3-097"2
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"Madam President, Europe is now feeling the full brunt of the financial crisis. The decision taken yesterday by Europe’s Finance Ministers on a common minimum level for deposit guarantees is an important step, as are the rescue operations being undertaken by individual banks. Today’s coordinated interest rate cuts by several central banks are necessary to restore confidence in the financial markets. These measures are targeted and must resolve a crisis here and now.
We decision-makers also need to take responsibility for ensuring that the market functions in the long term. This means that we must adopt a methodical and clear approach when we introduce new legislation so that it also creates good prospects for growth. The importance of impact analyses is no less as a result of the financial crisis; on the contrary they are even more vital now.
The proposals which have been presented here in the Lamfalussy process mean better coordination of European supervision and are an important step towards a better European market. I would like to thank both colleagues, in particular Ieke van den Burg, who has done a magnificent job for many years and has been extremely persistent. That is a good thing in politicians!
The proposals build on already existing systems which must also be improved and made more effective without checking the economy. We must not confuse our responsibility for reacting quickly and managing the crisis with an even greater responsibility – that our rules must work, not only in this crisis period but also for the benefit of Europe’s future growth.
Protectionism is never the answer and this is not the end of the global economy."@en1
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