Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-155"
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"en.20081118.26.2-155"2
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"Mr President, thank you very much for giving me this opportunity to offer my explanation of vote. I think there is probably a consensus in this room that the credit crunch and the liquidity crisis that we faced were caused by poor lending decisions taken, not only by banks – and those decisions were forced on them by the Clinton Administration and successive regimes which suggested that banks should lend to communities that were deemed uncreditworthy – but also by consumers making poor decisions. Having been encouraged to take out loans which they perhaps could not afford to repay, they then found themselves bearing the brunt of being unable to pay those loans.
This highlights the importance of consumer financial education. However, we seem to be falling into the trap of thinking that, whatever the problem, the EU has a solution. If you look at the solutions listed here on the Commission website, in the Europe Diary, they actually do very little to address the issue of consumer education. We should be looking at community organisations – like the Croydon Caribbean Credit Union in my constituency – that help solve these problems at the community level and not the European level."@en1
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