Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-105"
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"en.20081008.15.3-105"2
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"In the absence of effective mechanisms at European level, we are witnessing a cascade of often disjointed and even competing emergency financial interventions by various countries.
Action at European level has been reactive, ‘a posteriori’, seeking to forestall even greater damage. The net result is that the confidence of EU citizens has been dented.
Regulation needs to be thought through in calmer times. Neither citizens, nor we, their elected representatives, can understand the apathy that has greeted Parliament’s many specific initiatives.
Now, in the midst of the turbulence, is not the right time to discuss where the responsibility lies.
One thing is certain, however: the rules of the system have to change.
The text that we shall vote on tomorrow is central to better regulation and supervision of the EU’s financial markets. It is a proactive response by Parliament and not a reaction to recent events – which unfortunately have just served to confirm its relevance.
Many of those who were politically opposed to a minimum degree of transparency, regulation and supervision of the new financial instruments are now holding their tongues or changing their tune.
We hope the Commission will finally shoulder its responsibilities for initiative, strengthening the soundness of European financial institutions and helping to restore some confidence to citizens."@en1
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