Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-23-Speech-4-344"
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"en.20090423.62.4-344"2
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"Mr President, Mr Nečas, Mr Rehn, ladies and gentlemen, we are suffering the first ever worldwide recession. This recession demands a coordinated response at international level. That is the only way that we can all come out of it.
The world’s poorest nations need help to become real players in the global economy. In this way, the global economy will be able grow by USD 150 million a year. It is the developing countries that will receive most of this money.
This is why we support the G20 commitment to allocate 850 billion in additional resources to support growth in the emerging markets and the developing countries.
Ladies and gentlemen, we will only come out of the economic and financial crisis by changing, by changing international governance and by changing our tolerant attitude towards those who do not comply with the rules.
The agreement reached at the G20 summit will help us find the right road to growth and jobs. In London, the world leaders tripled the funds allocated to the IMF, granted extra credits to the development banks and reaffirmed their support for free international trade. This programme, which aims to restore credit, growth and employment, should give us the time needed to stabilise the markets and, above all, to restore confidence in the global economy.
We must however be vigilant and not be tempted by easy solutions. We absolutely must lay the ghost of protectionism to rest. If we close our borders to trade and exchange, we will merely repeat the errors made by our predecessors in the 1929 crisis.
Today, more than ever, it is more trade that we need, not less. If we could manage, then, to create a real transatlantic economy without barriers with our main commercial partner, the United States, we would have already created an extra 3.5% of growth. That is what we should work on.
We must stimulate growth, not just to protect existing jobs, but also, and above all, to create new ones. My fellow Members on the left are calling for more social spending and for more social security. They want supposedly to protect jobs by closing off our economies. A transparent economy that allows each person to express their talents is an innovative and sustainable economy. It is a social market economy that we need.
We must learn the lessons from the mistakes of the last few months, and one of the main problems in the financial sector was the lack of financial regulation and supervision. The fact is, we will not be able to restore the confidence of our fellow citizens in the economy until we have restored confidence in our financial system.
To do so, we must extend regulation and supervision to all financial institutions and to all instruments, including hedge funds. We must fight against tax havens, get rid of banking secrecy and increase supervision of credit rating agencies.
In a globalised economy, where the markets never sleep, our only defence is transparency. Investors must know that the same standards apply throughout the world.
Finally, we also have a responsibility towards the developing countries. This crisis must not, in fact, ruin all the work we have put into this issue over the years. That is why we must continue to exert pressure so that the WTO adapts quickly to the 21st century and to the new rules."@en1
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