Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-16-Speech-2-234"
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"en.20081216.31.2-234"2
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"Mr President, governing means looking ahead. One may wish to rewrite history and to stage the story in order to make the crisis begin with the fall of Lehman Brothers on 15 September 2008. Everyone knows, though, that it was in August 2007 that all the warning lights went on and that that was the time to have made the issue of the supervision of the financial markets and the management of the crisis into one of the French Presidency’s priorities.
Unfortunately, we had to wait for the fall of Lehman Brothers before President Sarkozy grasped the issue and began bounding from summit to summit. What the proposals and solutions put forward actually amount to is a plan of unconditional support for the banks, backed up by a monetary policy that is now accommodating.
Consequently, what do we see? We see banks which, rather than doing their jobs, namely funding the real economy and investment, are building back their margins. That is not what Europe needs. We need European action that is targeted at ensuring a banking sector at the service of the economy and I think that, in the period that is approaching, we are truly going to be in need of this. I am not sure that we currently have sufficiently solid foundations to cope."@en1
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