Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-016"
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"en.20090422.4.3-016"2
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".
Madam President, ladies and gentlemen, I think it is clear to everyone that a cycle of development is over, a cycle that in recent years brought to light the imbalances and contradictions of a certain way of understanding globalisation: an ultraliberal globalisation that in too many cases has benefited from the weakness of the institutions and has looked on politics as a hindrance, an annoyance of which to rid itself.
It now falls precisely to politics to restore citizens’ faith in light of the severe economic crisis we are experiencing. In order to do so politics must take the lead, indicating the future prospects and obstacles to be overcome. We must redress the contradiction between the rapid growth of the world market and the weakness of the institutions capable of counterbalancing and controlling the excessive power of the financial economy.
The rating agencies regulation represents an important step forward in this sense. I have worked on this dossier as the shadow rapporteur for the Socialist Group in the European Parliament, in full cooperation with JeanPaul Gauzès, the report’s author, whom I sincerely congratulate.
The most significant points of the regulation are the product of Parliament’s commitment during the difficult negotiations with the Council. I refer to solid achievements such as the requirement for agencies to register on European territory, forecasting and civil liability, the dual security system for the approval of notes from third countries and above all the possibility that this regulation may enter into force quickly and not after two years, as initially requested by national governments.
The regulation also has a strong symbolic value, however. We are in fact regulating a sector that like others – I am thinking for example of speculative funds – has benefited in recent years from a total legislative void. The outcome of this kind of self-regulation is clear for all to see, and it is terrible. Now is the time to take courage and build a new structure for the financial markets. We must be aware that in this sector, even more than in others, Commissioner, it is not enough for national governments to act alone!
For this reason, I feel a pang of regret despite the excellent result obtained, because an opportunity was missed; due to opposition from the Member States – for which the Council has a serious responsibility – the will was not there to make provision in the text for a single, European supervisory body for the ratings sector. An official request for this was made to Parliament, but a lack of political ambition and realism has so far prevented it from finding support. On this point, Parliament continues to demonstrate its ability to look well into the future, and I hope that the national governments will do the same."@en1
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