Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-092"
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"en.20081203.13.3-092"2
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"Mr President, I am not alone in finding it difficult to join in with this emerging self-importance of the European decision-makers when it comes to management of the financial market crisis, for if Europe, if the EU were a functioning democracy, one would first have to raise the question of responsibility and how it could all have happened.
It is simply not true that all the problems we are now facing involve a tsunami, something caused by Nature. This is man-made. With all this regulatory fervour that characterises this Union, one asks oneself why action was not taken when banks began to cross national borders to an appreciable extent? Why, in spite of corresponding warnings, was action not taken when derivatives crept in. I clearly remember that Nobel prize winner Joseph Stiglitz addressed all these points. There was a silence, a taboo. That is where you would have to start because recognising one’s own faults is the only key to finding the solution in future."@en1
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