Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-019"

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"en.20090422.4.3-019"2
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"Madam President, Commissioner, ladies and gentlemen, first of all I should like to state that I fully agree with what Mr Mitchell said in his speech. We are not on schedule; we are not up to speed. Nonetheless I would point out to him that it is important not to make the same mistake regarding the French President that the French sometimes make regarding Mr Brown. Speeches about action do not guarantee that the action will be effective. In terms of the crisis itself, it is clear that, for us, the crisis did not start with finance. It is rooted in the social and environmental spheres. That being said, it combines with the financial cycle, that is to say that, when the cycle is going well, we take risks, but when it is no longer going well, we tell ourselves that it might be wise to regulate things slightly. We are at the stage where regulation – and strong regulation at that – is required. Regulation at single market level is required, that is to say that we need far more centralised regulation at European level. This is what guides us in our choice of votes. We fully support the Gauzès report and the progress it makes. For years now we have been calling for more centralised regulation and supervision at European level, and the first stage that has been achieved with the CESR is in our view entirely appropriate. However, despite Mr Skinner’s efforts – and, on this point, our criticism is exactly the same as Mr Mitchell’s – we regret that the governments have not understood. We do not agree with the compromise that is proposed and that rejects the system of group supervision. I believe that such a method will lead to further disasters. We shall therefore vote against the Skinner report – not against the work of Mr Skinner himself, but against the compromise imposed by the governments."@en1
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