Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-041"
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"en.20090916.4.3-041"2
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"Mr President, I would like to thank all the Members who have contributed to this debate. I feel there is a very high level of agreement in this House about what is important in the European position and which issues we must concentrate on ahead of the G20. The EU now speaks with a clear, coordinated voice on the international stage and I really would like to thank the Commission and, in particular, Joaquín Almunia, for the work that he has done to help bring about this consensus.
Many Members have raised the issues that both I and the Commissioner have looked at. Yes, we need better supervision and better regulation of the financial markets. We hope that a supervisory system can be put in place as soon as possible. We will base this on the Larosière report and see how quickly we can get it into place. We need more coordinated global solutions and effective and functioning international institutions. We need clear principles for bonus systems. I have great faith in the Financial Stability Board and I am confident that it will come up with specific realisable proposals that we can discuss.
We would also like to take up the matter of climate financing. We will call upon all countries to shoulder their responsibilities, but I am not sure that it is realistic to expect to be able to discuss figures at the summit in Pittsburgh. Naturally, we will work towards this, because it would be a good thing.
We also need global solutions. We cannot separate EU solutions from this system, but instead must ensure that we get as many global solutions in place as possible. Unemployment is perhaps the most noticeable aspect of the economic and financial crisis to the people of Europe. Unemployment is here to stay for some time in most of our countries and that is a very, very serious situation. It calls for European and national solutions. We must have a strong labour market policy, we must make it easier for companies and entrepreneurs to take the risk of employing people and to dare to invest and we must ensure that people are employable by investing in education and research. We will be having a special discussion on unemployment at Ecofin in October.
We also have to discuss exit strategies. Otherwise, there is a risk that the measures that we have taken will have negative effects on unemployment and growth in particular, and will result in deficits and inflation. It is always the most vulnerable in our society who suffer first. When it comes to the poorest countries, we are very, very aware that it is they who are the biggest losers in the international crisis. It is hitting the poorest in the world hard. We have discussed and are continuing to discuss how we can ease the situation of these people. It is important that the Multilateral Development Banks (MDBs) have sufficient resources to be able to provide what are known as soft loans. It is also important that we ensure that the international trading system works properly and that there is no protectionism inherent in it. Consequently, the various discussions concerning global taxes and various kinds of Tobin tax are only meaningful if they can actually be realised globally, and at the moment that is not the case. As a result, they would only be counterproductive and would not help our economies.
Many Members have raised the matter of hedge funds and new financial regulation. These are priority issues for the Swedish Presidency. We will decide these matters alongside you and we look forward to working very closely with the European Parliament to get directives on hedge funds and financial regulation in place as soon as possible. I am aware that it is difficult and complex – that there are many aspects to take into consideration – but we are prepared to work with you as closely as possible to get this in place.
In summary, naturally the G20 Summit cannot solve all the problems that we have discussed. Nonetheless, I have good reason to hope that we can make substantial progress on the issues that we have discussed. There is pressure from the citizens of Europe, but there are also people around the world who expect us to demonstrate our leadership and increase the stability of the financial systems, to do our utmost to avoid this type of crisis in the future and ensure that we come out of this crisis stronger than we went into it. The EU is united, the EU is strong, and I can assure you that the Swedish Presidency will do its utmost to defend and assert the views of Europe at the G20 Summit next week. Thank you very much for a highly interesting debate."@en1
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