Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-23-Speech-4-351"
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"en.20090423.62.4-351"2
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"Mr President, President-in-Office, ladies and gentlemen, the summit was a political success and sent out an important message, namely that the world is closing ranks and the political will is there to jointly find and apply global answers to crises and challenges. Nonetheless, I should like to say very clearly that we should not exaggerate the importance of summit scenarios. Summits only make declarations of intent; summits do not take decisions, summits are not legislators, summits have no legal basis.
Several calls are being made on the European Union. We must have the ambition to take on a vanguard role in the construction of a global financial and economic order. However, we can only take on a vanguard role if we have European regulations and can offer models. We are on the right path with our model of a social market economy, with deposit guarantees and with the regulation on credit rating agencies passed today. However, for me, the results of the summit are lacking in clear agreement on the elimination of the pro-cyclic effects of the existing regulations at European level and globally, the watchword being Basel II.
We still have a great deal to do: hedge funds, managers’ salaries, the banking directive and European supervision, to name but a few. We are spokesmen, through the Commission, for this continent. Nonetheless, the national states are also represented. Community interests stand alongside national interests on the world stage. This may be an opportunity, but it may also be a weakness. That is why coordination is especially important. If our representatives do not all pull in the same direction, we shall be weakened on the global stage.
My final point: the legal implementation of political declarations of intent, their implementation and the coordination of global implementation in time and content will determine our success. The summit merely points the way. The result is yet to be achieved."@en1
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