Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-404"

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"en.20100706.28.2-404"2
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"Madam President, ladies and gentlemen, even the members of the Council realise that the weaknesses of the supervisory system are or were one of the causes of the biggest global financial crisis experienced since the 1930s. They are also aware that national measures alone are not sufficient to deal with the consequences of this crisis, but that we need to look for global, or at least European, solutions. The Council should know that the European Parliament does not want an independent European supervisory structure and systemic risk board to be set up out of dogmatism or stubbornness, but from a deeply-held, cross-party conviction. This is the only way of guaranteeing transparency and protection for investors, based on a uniform regulatory framework and a uniform interpretation and application of this framework. One clear message from the crisis is that we need not less, but greater involvement from Europe in the financial sector; if we do not go forwards, than we will go backwards. Member States should drop the hypocrisy they display when calling for global solutions at G20 meetings and demanding at least European regulations at home, but actually refusing to make any compromise in the trialogues."@en1
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