Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-015"
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"en.20090113.4.2-015"2
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"Mr President, I wish to begin by congratulating Mr Klinz, the rapporteur, on his excellent report. He has worked extremely hard to get an agreed compromise, and I congratulate him on that.
The revised UCITS directive will, when it enters into effect, serve to reduce much burdensome red tape and unnecessary costs.
During compromise negotiations, certain specific concerns of some Member States were recognised, allowing for the production of a strong and widely supported proposal. I believe it not only protects consumers but is also good for investors. As some speakers have already said, an open market is a positive thing and can be a very good thing for all of us if it is well regulated.
UCITS revision is yet another recognition that the financial markets of today are so integrated that we need common rules and standards for the effective regulation and operation of the global financial services industry. That is recognised not only in Europe but also globally, as we go through unprecedented financial times. It is very important that we work together at a global level to try and resolve the problems.
Let me just say that today is a great occasion: we celebrate the 10th anniversary of the euro currency, which itself serves as an illustration of the importance of economic cooperation. It is fortunate that my own country, Ireland, is a member of the euro zone as the current currency has been a source of stability for Ireland and other countries at a time of unprecedented turbulence and during the current global recession. If Ireland were not in the euro zone, we would probably be in the unfortunate position of Iceland – but that is not the case.
I would like to remind some of the Irish Members in this House – Sinn Féin in particular – that if they had had their way, we would not be in the euro. They described it at the time as a backward step. Ireland would not be in the monetary union and Ireland’s economic position would be as bad as Iceland’s.
I would like to remind those who opposed the European project in Ireland that many countries around the world are now using Ireland’s rejection of the Lisbon Treaty and exploiting the confusion over its possible or perceived repercussions to win over new contracts at the expense of Ireland. Economically, Ireland must stay at the centre of decision-making in Europe, where we have traditionally been and where our enterprise needs and wants Ireland to be."@en1
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