Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-073"
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"en.20081117.21.1-073"2
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"Mr President, Commissioner, allow me to begin by thanking both rapporteurs for a well-balanced report.
In the short-term, excessive regulation and government intervention in the free market may temporarily halt further economic collapse in the EU, but in the medium term they will certainly not bring the boost to development that is so much expected.
In connection with this report I will first of all respond to the current problems in the Euro Zone. And despite ten years of positive effects achieved through its operation, the Euro Zone faces new challenges over how to confront the financial crisis and the subsequent economic recession.
I would like to contribute by pointing out some of the unsystematic regulatory interventions made by a number of Member State governments in the market under the pretext of sorting out this new situation.
I must say with some surprise that the governments of Member States are often encouraged to make certain unhelpful interventions in the financial sector by some of the statements from certain representatives of the European Union, and these often resolve only the peripheral aspects of the situation.
This applies in the case of adherence to the conditions of the Stability and Growth Pact, for example, where some governments are already signalling that they will apparently not be sticking to a planned deficit in their public finances and referring in this context to the encouragement of the European Union.
The takeover of troubled financial institutions by the governments of some Member States will create a dangerous precedence for the expropriation of private companies in any sector whatsoever who are not willing to adapt themselves to un-systematic regulatory and discriminatory interventions carried out, for example, in the interests of holding down inflation.
The large-scale financial interventions in some sectors of the economy, such as the automobile industry, give rise to questions as to whether or not such interventions cause excessive market deformation and also discriminate against other sectors.
Without clear and careful coordination and clear rules at a European Union or Euro Zone level, it will be difficult to manage these very challenging processes.
In this context, I would like to urge the representatives of the European Commission and the European Central Bank and other relevant EU institutions to take a considered and coordinated position when looking for an optimal solution in these difficult times, when the whole of Europe faces economic recession."@en1
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