Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-03-11-Speech-3-056"
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"en.20090311.3.3-056"2
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"Madam President, Commissioner, ladies and gentlemen, in these times of crisis, our fellow citizens are expecting much of Europe. Europe must not let them down.
Of course, if we are being realistic, we have to acknowledge that European financial resources are limited, and we need to look at how they can be improved. However, Europe will come more to the fore and will have more success if it shows greater political will.
This involves firstly, of course, acting as a catalyst for the actions and efforts of the Member States, but also taking a coordinated approach at European level. The recovery plan is essentially a toolbox to promote restructuring. The role of the EIB must be strengthened.
Europe must act to define a clear, innovative economic strategy. Economic operators need prospects and legal stability. It is important, first, to put financial services in order so that the banking institutions can play their main role, which is to finance economic development.
The texts currently being prepared for directives on the capital requirements of banks and insurance companies, and the regulations on rating agencies, must contribute to this task. The text on rating agencies must implement the lessons learned from the proven shortcomings.
There is an equally urgent need to provide for European supervision of regulated financial activities. The report by the de Larosière group makes some useful and timely proposals that should be implemented quickly.
Europe also needs to be given a proper, effective, modern industrial policy. In this respect, we need to reconcile the needs for sustainable development and the requirement for a high-quality industrial base to produce wealth and create employment.
In these times of crisis, it is preferable not to hamper those sectors that are operating normally by producing rules or regulations whose effectiveness has not been properly shown. For example, in the automotive sector, which is today experiencing severe difficulties, it is important to extend the regulation exempting vehicle distribution, which expires in 2010.
We must also be vigilant, for example, when negotiating the bilateral agreement with Korea, as it could be very conducive to our industry."@en1
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