Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-020"
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"en.20090916.4.3-020"2
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"Mr President, President-in-Office of the Council, Commissioner, one year on from the collapse of Lehman Brothers, the position that the European Union adopts at the G20 Summit in Pittsburgh is absolutely critical if we want to prevent a repeat of past events and want the dynamic of change to remain at the top of the agenda. I have four observations on this matter.
Firstly, at the G20 Summit in London last April, the Heads of State or Government made a commitment to increase the IMF’s funds. Very well. We have seen that there was significant support to fulfil this objective. I fear that behind this there has been less determination to play a part in the much-needed reform of the governance of the IMF.
My second observation is that we must not fall for gimmicks. I would not like the omnipresent debate on the bonuses and salaries of both CEOs and traders – which is absolutely critical if we want to develop the system into one which focuses less on the short term and more on long-term investment – to overshadow what is an equally important campaign concerning the eradication of tax havens, which was the highlight of the London Summit.
My third observation – and this picks up on what Mr Bullmann said earlier – is that this is an historic moment for us to raise the question again of the banks’ contribution to financing the aftershocks of the crisis. This will enable us to reopen the debate on the taxation of transactions, which itself must also allow funds to be made available for long-term investment. Once again, given the way the banks have been supported and assisted to cope with this crisis, the only right, proper and effective course of action is for them to contribute today to the financing of the economy.
My final observation is that, when we look at the employment picture, I think that from the start, our G20 meetings have fallen short when it comes to tackling the macroeconomic question, the question of a global pact for employment, and the question of a return to a strategy which, tomorrow, will enable us to correct the global imbalances that caused this crisis."@en1
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