Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-329"

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"Mr President, Commissioner, ladies and gentlemen, the economic and financial situation in Europe fully justifies the drastic measures which have been taken, in particular, to stabilise the euro area and to avoid the undermining of our single currency. The urgency of the situation justifies the practical approach adopted. However, when it comes to implementing the adopted measures, it should be ensured that Parliament is involved, within the scope of its powers, and can exert its democratic control in appropriate conditions. Indeed, we must ensure that our fellow citizens do not lose confidence, and can regain confidence, in the political institutions. Without such confidence, no structural reform or acceptance of the necessary austerity measures will be possible. Faced with the financial crisis, Europe has not been inactive. We do not say this often enough. In 2009, we drew up and adopted regulations on the credit rating agencies, the implementing provisions of which will be published very shortly by the Commission. Parliament’s Committee on Economic and Monetary Affairs voted a few days ago for the package on the supervision of financial activities. Last Monday, the same committee adopted the report on regulation of hedge fund managers by a large majority. Trialogues have been initiated to seek an agreement with the Council. This agreement must be obtained rapidly, so that our institutions retain their credibility. Our fellow citizens often ask us: ‘What is Europe doing?’ We must meet their expectations. In this regard, I should like to congratulate you, Commissioner, on your determination, and to encourage you to continue with the work programme which you have set out, in accordance with the undertakings made at your hearing. Your ambitious but essential timetable has our support. We will stand shoulder to shoulder with you so that the necessary regulation of financial services takes place. This is not a question of bullying the finance sector, but of establishing the rules to ensure that an activity which should be regulated is regulated, and of making transactions more secure and transparent."@en1
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