Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-366"
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"en.20090113.28.2-366"2
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"In reply to Mr Papastamkos, let me refer to the report in 2005. We did say at that particular time that we would keep the activities of credit rating agencies on watch, and in 2007, when the subprime crisis reached its peak, I met with the credit rating agencies and expressed our dissatisfaction as to how we perceived they had conducted their affairs.
The questioner will be aware that in December 2007 I wrote to CESR and to ESME for further advice as to what I should do in relation to certain areas. I made quite clear in speeches and in comments at that time that leaving the status quo as it was just not an option.
As a consequence, we came forward with the Commission proposal in 2008 and that mater is now being debated by Parliament and the Council of Ministers. I think that in the past, when keeping the activities of the credit rating agencies under review, I made it quite clear that we would consider the matter in the light of changing circumstances. And in the words of a person in the last century, far more famous than me – when the facts change, we change too. And that is what has occurred.
Mr Ryan, as to what we will do in the areas of financial regulation to which he has alluded – the proposals on credit rating agencies and the capital requirements directive – he put forward a legitimate question concerning what the European Union was doing to address the problems in the real economy because although the changes to do with financial regulation has undoubtedly been timely in areas where there was a lacuna in financial regulation, it in itself is not going to galvanise and kick start the European economy.
Mr Ryan will be aware that in the past couple of months the Commission was at the centre of coordinating the approach of financial stimulus which was adopted by the European Council at its December meeting. Of course it still remains the prerogative of Member States to affect their own financial stimulus if they deem it appropriate because those matters remain the prerogatives of the Member State governments. But the Commission in responding to that stimulus package also committed some funding within our remit and coordinated with the agreement of the other European players as to how we will kick-start things there.
I remember even before that we did adopt in the Commission some initiatives which should help to stimulate small business activity in the SME sector – such as the Small Business Act, such as the European Private Company Statute – and hopefully they will contribute in some small way to assisting in the turn around of the general economy in the European Union."@en1
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