Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-999"
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"en.20081203.13.3-999"2
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"The financial crisis has created major challenges for the EU and the global economy. Coordinated efforts by Member States have been effective in stabilizing the EU banking system, but much remains to be done to contain the propagation of the crisis into the wider economy and protect households, businesses and jobs. In an interdependent world, tackling these challenges could be an opportunity for the EU to take the lead in bringing clarity, social responsibility and predictability to the global financial architecture.
Any implementation of mitigation measures has to be timely, comprehensive and accompanied by appropriate regulatory action addressing the root causes of the crisis. Particular attention should be given to regulation regarding new financial products, such as sub-prime mortgages and their derivatives, as well as the entities that are involved in their marketing, such as banks, hedge funds and private equity. There is a need to review the business model of rating agencies and the legal standing of their ratings.
In the recovery process we must give priority to solutions that protect jobs, growth and the most vulnerable, promote economic energy and stability, while ensuring that parties with vested interests in maintaining the status quo are kept at a distance."@en1
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