Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-055"
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"en.20100325.3.4-055"2
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"Mr President, a crisis is a disease which usually ends not only in recovery, but also strengthens and creates mechanisms of resistance. It may also lead to what are known as complications, and even to certain kinds of permanent impairment of the body. Let us think about how this illness, which we call the crisis, arose.
In most cases, an illness is the effect of the various ways in which we neglect our bodies, or it has an external origin. The cause of the crisis was activity which was contrary to market principles – speculative activity. The market itself is not able to reject, counteract or limit these factors if there is not suitable supervision and monitoring of the progress of processes, particularly in situations which are not typical for the market. Until now, financial markets were monitored and supervised mainly by state and national institutions. Globalisation has led to the establishment of world financial institutions and a global finance market. However, adequate world, regional and, in our case, European institutions for supervising and monitoring these markets have not been established.
The market is not guided by values, but, above all, by the need to achieve profit at any cost. The crisis did not begin in 2008 with the collapse in the financial markets, but in 2007, with the crisis in the food markets, as well as the undermining of the energy market, which is controlled by political instruments. The situation in the European Union is the sin of not observing the universally established and accepted principles of the Stability and Growth Pact.
It is a pity that the warnings from the Commission were too gentle. Some Member States were allowed to get away with more, because, after all, they were not going to let some Commission or other lecture them. Some Member States behaved like children, hiding their misdeeds. This kind of behaviour cannot be the basis of Community or our integration. It is important to admit the mistakes which have been made, to tell our citizens, to apologise to them and to ask for understanding and cooperation as we emerge from the crisis.
We must take action so that the costs of the crisis do not fall on the weakest and poorest. European Union solidarity obliges us also to support the countries which have been worst hit by the crisis. Recovery will not come from outside, if the body, or the state, does not take up the fight."@en1
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