Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-019"
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"en.20090916.4.3-019"2
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"Mr President, ladies and gentlemen, the statistics are improving. However, the multiple causes of the crisis – and it is not just a question of loopholes in regulations – are far from being removed. For that, political will, decisiveness and courage must not fail us; on the contrary.
Today we are talking about the G20. It is a good process. We need new or different structures, priorities and bases for valuation in order to build up a global economy and a financial, social and judicial order in the world.
There are three conditions for this: firstly, we need to develop a democratic, parliamentary legitimisation process; secondly, we need more EU in Europe and more Europe in the world, which also means that the values of our Charter of Fundamental Rights are our export articles, that our model of a responsible eco-social market economy is the basis for our global order and, thirdly, European regulation is needed in areas in which no agreement is in sight within the framework of the G20.
We say yes to integrated European rather than simply coordinated financial market supervision on the basis of the model of the European Central Bank. The de Larosière report is too little. We say yes to the debate on bonus payments, but changing the payment methods is not the right way to go about it. We must change the basis for assessment and, wherever there is a bonus, it must also have a penalty component.
As far as I am concerned, the debate on pro-cyclicity is too brief at the moment. We need to remove the procyclic effects of the crisis and the current regulations for 2009 and 2010. The political will must not fail us. That is why, following the speeches of the President-in-Office of the Council and the Commissioner, we are going to Pittsburgh with optimism."@en1
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