Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-21-Speech-2-079"
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"en.20081021.7.2-079"2
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"Mr President, this crisis could have been avoided: it is not an unavoidable law of nature. It is a long story, and I do not have time to go into it, but for now one thing is certain: please let us learn from our experience and let us do things together. Let us keep momentum.
President Sarkozy, you are so full of energy, but keep this energy now because, urgent as it was to avoid a meltdown of our banks, it is now just as urgent to regulate better and prevent this recession taking hold. I appeal to you today, and also to the President of the Commission, to make the following commitments.
First: give us a pre-Christmas gift, President Barroso – concrete proposals on new and better regulations. I am sure that the President-in-Office of the Council, President Sarkozy, agreed with me when he asked you to commit yourself today to respond to this report from the European Parliament with the following concrete proposal: it is not only about regulating the banks, but also about regulating hedge funds and private equity. That is the first commitment.
I was so happy, President Sarkozy, when at Camp David you mentioned this simple fact at the outset, because hedge funds and private equity companies are now trying to tell the story that they have nothing to do with the financial crisis. This is simply not true. They have been operating with excessive debt and greed for many years, so, please, promise me today that all actors will have to be regulated; otherwise we are not learning from our experience.
Second: I could mention a lot of details, but I just want to have an answer from Commission President Barroso – please commit yourself to living up to this Parliament’s proposals on regulating the market.
The last point is directed at President Sarkozy. You and I – and we all – think this is a time of destiny for the European Union. Do not give ordinary people the impression that the European Union is incapable of avoiding a recession that will hit millions and millions of innocent workers. That is why I want to repeat what you yourself said: let us do it together. I have calculations, and I think we should ask the Commission to confirm, President Sarkozy, that if we do things together and invest just 1% more in infrastructure, in education, in labour market policy, and in investment in private industry each year for the next four years, we will have 10 million more jobs. I think this is a target worth going for, and I sincerely hope that you will commit yourself, President Sarkozy, to realising this in December or before. It is now or never."@en1
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