Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-015"
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"en.20090916.4.3-015"2
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"Mr President, thank you for the speeches we have had this morning. I was particularly pleased to hear Mrs Malmström’s comments about the G20 Pittsburgh representatives needing to agree to significant coordination in the continued support of stimulus measures, in the unwinding of these support measures when appropriate, and a determined coordinated effort on future regulation.
However, the backdrop to this summit is nations spending trillions of dollars on bailouts and stimulus packages and in two of the largest world economies we are seeing some protectionist measures, particularly with regard to tyres and poultry, as well as two of the most complicated regulatory structures in the world, namely the EU and the US, looking to completely overhaul their financial systems. Therefore, I hope that the important issues of how to coordinate financial services, particularly now that some countries are showing early signs of coming out of this period of negative growth, will be the main topic of discussion and not the distraction of controlling bankers’ bonuses.
This summit should focus on how we achieve a common regulatory framework in a common timescale so that we do not create an opportunity for competitive advantage by individual nations or regulatory arbitrage opportunity for speculative trading. There will be no first-mover advantage in financial regulation. A global, coordinated approach is the only one which would benefit the businesses looking to raise funds in Wales, the EU and beyond.
If my Welsh businesses cannot access funds from the US, if the banks they rely on will require so much capital that the taxpayers of the EU need to take even more risk, we will not be thanked for moving first on overly burdensome regulation. My plea is that a global, coordinated approach is adopted at all times and maintained to ensure the future access to capital for all our businesses in Wales, the EU and beyond."@en1
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