Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-164"
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"en.20081008.21.3-164"2
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"Madam President, the turbulent financial events of the last few days have changed the world. We have all been concerned for some time now about the potential problems in the global financial system, but the rapid fall of the major banks, one after the other in quick succession, has been astonishing.
I therefore welcome the moves by the UK Government today to increase stability. Although it is outside the Eurozone, the measures taken by the UK are all in line with the decisions made yesterday in the Ecofin Council. I only wish that some of the countries in the Eurozone had acted in the same way. In order to get through the challenges we will face, there is an urgent need for the European Union to provide leadership and coordinate a strategy with EU national governments. Europe must take a central role, not a back seat, especially if the EU wants to connect with the people of Europe.
But we also need to recognise that this crisis has been brought about by market failures, a lack of appropriate legislation and as a result of decisions taken by a few selfish individuals on fat-cat bonuses that will affect the lives of millions, and even billions, of people around the world. We need to ensure that such criminal negligence can never reoccur and we need those responsible to be held accountable for the full weight of their actions."@en1
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