Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-100"
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"en.20081008.15.3-100"2
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"Madam President, the main reason for the current collapse in the financial sector is the irresponsibility of financial institutions, unsuitable risk management, bad loans and allowing excessive debts to arise without proper guarantees, which has ultimately led to a loss of liquidity. The entire supervision system was also ineffective. It seems that the current solutions are failing to keep pace with the rate of change in global finance. We therefore need to bring them up to date, to soften the potential consequences of further crises in the future. Bearing in mind the current difficult situation in the financial markets, we should give absolute priority to legislative work to establish cohesive and effective means of supervision. At the same time, in recognising the fact of increasing integration and growing dependences between individual financial markets, we need to ensure maximum compatibility between the new European system and the American, Japanese and Chinese systems."@en1
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