Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-084"
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"en.20081203.13.3-084"2
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"Mr President, Ministers, Commissioner, firstly, with regard to the questions, I would say that they clearly demonstrate Parliament’s desire to be kept informed and to be more involved in the process of reforming the architecture of the financial markets. Parliament is also determined that Europe should speak with one voice, as has been said.
With regard to Europe’s economic recovery, concerted and coordinated action is, of course, essential, as has been pointed out. For our part, we support the Commission’s proposal to combine all available European and national political levers in order to combat this crisis. Indeed, the task is now to restore confidence among Europeans and, hence, consumers.
We also need to strike the right balance between the long term and the short term. The measures taken in particular with regard to the banking sector are good for combating this financial crisis: an increase of capital, interbank loan guarantees and guarantees for loans. We do, however, need to be vigilant when it comes to actually realising the objective of these measures, that of reinstating the banks to their primary role as suppliers of liquidity and credit – in short, the objective of financing the real economy.
The role of the EIB and the EBRD must be strengthened. The EIB’s reserves must be used to strengthen its capital base. The budget structuring is also a step in the right direction. However, words aside, what counts is implementing the planned measures. We must avoid blowing hot and cold. I would mention here State aid with regard to the bank-related programmes. I would also mention here – and you spoke about it just now – the Stability and Growth Pact. We have to realise that our fellow citizens who, in this time of crisis, expect Europe to provide solutions, should not feel that Europe says one thing one day and then the next day does the opposite.
Lastly, Minister, on the subject of the regulation on ratings agencies, for which I am rapporteur in this House, we will work diligently to implement an effective and pragmatic system that does not react merely to the current situation but that makes it possible for these agencies to operate on a long-term basis."@en1
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