Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-23-Speech-4-261"
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"en.20090423.58.4-261"2
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"The situation in the world economy is still turbulent, and, as recently as yesterday, the International Monetary Fund announced that the financial crisis may well get even worse yet. It is hardly likely to surprise anyone that this is a time of festivity for those with a zeal for regulation and control.
However, to start outlining extensive control systems for the operation of the finance market even before the investigations have been carried out and the analyses are complete is a dreadful mistake. Several important players, including the Bank of Sweden, believe that the Commission has succeeded, in a less than credible manner, in demonstrating a market failure that justifies further regulation of the credit rating agencies.
This clearly does not worry the EU. The legislators in Brussels are prepared instead for the turbulence on the world markets to give the EU cause to boost their own positions. If there is a system in the world today that is global in the true sense of the word it is the finance markets. Additional control of the credit rating agencies, for example, should, therefore, if and when it is judged necessary, be initiated and planned at the global level. Since this House is seeking solutions within the framework of EU cooperation, I have chosen to vote against the report."@en1
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