Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-080"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-05-19"^^xsd:date2
dcterms:Is Part Of	lp_eu:Outcome of the summit of 7 May 2010 and the ECOFIN meeting - What is the political relevance of the EU 2020 strategy in the context of the current financial and economic crisis? - Consequences of the financial and economic crisis on the EU 2020 strategy and its governance - What is the relevance of the EU 2020 strategy in the framework of the current financial and economic crisis? (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20100519.3.3-080"2
lpv:hasSubsequent	lp_eu:2010-05-19-Speech-3-0812
lpv:speaker	lp:Olli Rehn2
lpv:spoken text	"Mr President, thank you to the Members for a very serious and substantive debate reflecting the serious situation we are now facing in Europe. Let me first say that I highly appreciate the broad support given by the European Parliament for reinforcing economic governance. I also listened very carefully to Minister López Garrido and I thank the Spanish Presidency for their support and for the excellent cooperation on this issue as well as on other issues. I strongly agree with those of you who have called for an economic union to complement the monetary one. This is the way forward, and this is the critical lesson we must learn from the crisis. We have to work on three strengths. First of all, we need vigilance for the immediate resolution of the crisis in Greece and elsewhere in Europe. We have avoided another Lehman Brothers happening on European soil, but we are certainly not out of the woods yet, and therefore we must continue with vigilance and determination to safeguard financial stability in Europe and thus protect the still-fragile economic recovery of our continent. Secondly, we need to speed up, intensify and complete the regulatory reform of financial markets, bank levies, short selling and credit agencies. It is much better to act at a European level and to do it as soon as possible. We need to create a framework to correct the systemic errors of the financial markets and on this, I very much agree with Mrs Jaakonsaari and Mr Swoboda. The market can be a good servant but it is a bad master and, as Mr Theurer said, we need to work for the basic idea of a social market economy in order to create a credible legal framework for financial markets through completing the regulatory reform. Thirdly, we need to move on to decisions concerning reinforcing economic governance in Europe; we need to strengthen the Stability and Growth Pact through preventive fiscal surveillance; we must put in place workable sanctions and they must be rules-based, as Mr Kallas said, and we need to get audit powers for Eurostat ..."@en1
lpv:unclassifiedMetadata	"(The President cut off the speaker)"1 "Member of the Commission."1 "Olli Rehn,"1
lpv:videoURI	<go to Events_and_structure europarl>2

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