Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-20-Speech-1-028"
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"en.20081020.12.1-028"2
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"Ladies and gentlemen, the world is facing a financial crisis whose scale and consequences nobody as yet can accurately predict. It is even being compared with the Great Depression of the 1920s in the US. At the present moment, it is essential that we act together to overcome the crisis. One year prior to elections, in a crisis situation, we are facing a major test. People will either become convinced of the point and role of the European project, or we will have the opposite effect and reinforce their scepticism. At this point we need a signed Treaty of Lisbon more than anything else.
Our common efforts so far are already yielding the first positive results. We should continue these efforts in at least three directions, because although stabilising the banking sector is the prime necessity, it is not enough in itself. At the moment we are just treating the symptoms without addressing the causes. Future European legislation has to strengthen the mechanisms which control and regulate the financial markets. We need a large-scale package of concrete measures which will mitigate the impact of the crisis on the economy, on manufacturing, and in particular on the social sphere.
And last but not least, we need a separate, specific programme of measures for the new Member States, which have yet to reach the level of development of Europe’s financial markets, but are threatened by the indirect consequences of the crisis: falling investments, the rising cost of credit and declining exports."@en1
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