Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-093"
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"en.20081117.21.1-093"2
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"Mr President, firstly I would like to congratulate both rapporteurs, Mrs Berès and Mr Langen, for a very balanced report that studies the subject from the wide angle. Secondly, I think that when this report was initiated no one thought how timely it would be at this point. I think it is a sign of the EU’s ability to respond to global challenges, secure competitiveness and create stability.
Without European Monetary Union, both the euro countries and the countries outside the euro would have been far more vulnerable to this financial crisis. Over the past 10 years, the European Central Bank has played a very positive role, and this initiative has ensured very stable monetary policy and economic policy that actually made us able to respond in timely fashion to the crisis and to take proactive actions, not only in the EU area, but globally when it comes to discussions of reform of global financial architecture.
I think that this is more than a crisis of a financial nature: it is a crisis of decision-making and the rules of the game. What we need now is a firmer European role for supervision and for the European Central Bank. We need better harmonised regulation for all different financial instruments. We need transparency through proper procedures and, most of all, we need Europeans to be very persistent in unity to advance these policies globally. We have to be united because markets have grown beyond our national states’ capabilities, and we need coherent actions nationally, at European level and globally."@en1
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