Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-030"
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"en.20090422.4.3-030"2
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"Madam President, ladies and gentlemen, the economic and financial crisis, the most severe since the Second World War, has a global impact. The uncertainty, impatience, helplessness and loss of confidence are palpable, as are the gaps in the regulation of financial markets. We are spurred on by the need to adopt joint European responses and take a global lead. The realisation of the need to create ‘more Europe’ makes things possible that were rejected and prevented only months ago by members of the Commission and the Council when they were called for by Parliament.
Our model of the social market economy – as much market as possible, as much regulation as necessary – provides the framework not only for European but also for all global regulation. The actions of the European Union have been a success, but we are still far from finished and far from achieving our objective. Another stage is being completed, and further chapters must be tackled or completed without delay. It is only resolve and the courage to take bold regulatory action at European level that build confidence.
We are also deciding today – much too late – on regulatory action for credit rating agencies. We need registration, we need scrutiny, we need to deal with incompatibilities. We are adopting the Solvency II Directive – something we would have had to do even in the absence of a financial market crisis. The Banking Directive is due for adoption in May. We must eliminate the pro-cyclical effects from the existing regulatory system once and for all. Not only hedge funds but also private equity investments need to be regulated. All executive pay with a bonus component should also have a loss component.
There is less discussion of liability issues in Europe than in the United States, and the system of European supervision is not yet ready. We should organise this according to the European System of Central Banks and hasten to take as many decisions as possible by the summer. I call on you to do so."@en1
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