Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-028"

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"Mr President, Commissioner, I welcome your determination. Europe has begun to put in place effective regulation, but Europe must not find itself isolated. Close international cooperation is necessary, and this is exactly what we expect of the G20. It must pursue the reforms, which were initiated at previous meetings, with rigour and vigour. The international framework for regulating the financial sector must be completed, so that it can aid investment, growth and employment. Guiding principles must be affirmed. The crisis is not over. We must not return to the situation ex ante and abandon measures needed to avoid, as far as possible, the renewal of crises which are particularly damaging to the real economy, growth and employment. The strengthening of supervision and regulation is equally necessary. The obligations for supervision should reflect the level of systematic risk that the financial institutions impose on this sector. Speculative activities, which represent a significant risk, should be discouraged by increasing the capital requirements and applying the Basel rules internationally. As for salaries in the financial sector, we should recommend pay committees, increase transparency of these salaries with stricter disclosure requirements and supervise variable salaries, notably bonuses. The strengthening of global financial institutions is likewise an imperative, as is the reform of governance and representation at the IMF. Commissioner, these are some of the expectations citizens have of the next G20, where Europe must speak with one voice, with determination and conviction."@en1
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