Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-367"
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"en.20081118.30.2-367"2
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"Madam President, to reply to the honourable Member who echoed the question from Mr Evans, you are perfectly correct. Issues of solvency not only affect banks, but also concern insurance companies, and our monitoring mechanisms need to be adapted to deal with groups in this sector which may be consolidated or transnational.
This is why we are determined to bring a satisfactory conclusion to the work on the Solvency II directive. We are hoping the work will be concluded as quickly as possible and we support the Commission in the performance of its work. We are hoping to find a compromise on this issue, but it is clear that we need features which will strengthen solvency monitoring at the insurance group level.
To reply to Mrs McGuinness, I think that the response from the G20, the way it was prepared, the fact that there is an action plan agreed by the G20, shows that the Council was united in its action. I would remind you that, in the context of this action plan, there are also those who say that we should call on all the resources available to maintain activity; in this action plan you have very practical financial regulation measures that I listed just recently, which I do not intend to repeat, and whose rapid implementation we are awaiting at European Union level. We have requested, not only in response to the financial crisis, but also to the economic crisis, that the Commission takes the legislative or practical initiatives required and that the House supports these by adopting the texts required as soon as possible.
As regards the coordination of the Member States, I would say to Mrs McGuinness that I think it is important that the early warning team, this coordination team, should function correctly in the framework of the Economic and Financial Committee plus the representatives of the Member States and the various institutions concerned, whether this be the European Central Bank or the Eurogroup.
As for Mr Mitchell’s speech, I think that, without mentioning the Marshall Plan, and in application of the G20 principles, and speaking in the name of the Presidency, we wish to see all the levers for action at Community level put to use, combined with those at national level: whether these be existing loan facilities from the European Investment Bank, the resources available in the Community budget which should also be used to sustain activity, the resources, of course, available in national budgets, especially those relating to future spending and business support projects, or even, at Community level, the relaxation or adaptation of certain rules to help those sectors in greatest difficulty. From this point of view, we are looking at things with the greatest pragmatism, but it is clear that we must act in this area. You are, in any case, quite right, and the Presidency shares your point of view entirely.
As for what Mrs Andrikienė said, I am sorry, but Hungary has received financial aid. The Fund, as I said and can confirm, has granted EUR 12.5 billion, with EUR 6.5 billion from the Union, and it is clear that this solidarity is benefiting the countries affected by serious crises in their balance of payments and with problems in refinancing external debt.
Rest assured that, within the Union, we are implementing the required solidarity mechanisms. We were faced with a particularly serious situation in the case of Hungary. I alluded to Iceland too. We have found ourselves in a difficult situation. If, and I do not wish it, the Baltic countries or certain countries with which you are most familiar should find themselves in the same difficulties, the same solidarity mechanisms should come into play. That is the Presidency’s position and, of course, there can be no unity without solidarity.
I wish to say to Mr Papadimoulis that, first, I do not always agree with President Prodi. It is like that sometimes. Secondly, there is a need for a certain budgetary discipline. Thirdly, as I said in referring to the G20 conclusions, it seems obvious that these principles need to be adapted to the exceptional circumstances, and that exceptional measures are required. It makes sense, and here I do agree, that one should never be dogmatic. Finally, and fourthly, as for tourism, I know the Council President sufficiently well to know that he has other favourite spots and that he is putting all his energy at the service of the European Union. I trust you note that this is essential for us."@en1
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