Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-205"
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"en.20100707.23.3-205"2
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"Madam President, I voted in favour of all those reports related to financial institutions and financial services, including the report by our colleague, José Manuel García-Margallo.
This legislation on financial institutions, aimed at better regulation of banking activities, increasing transparency of derivative markets and implementing measures in relation to sovereign credit default swaps, is greatly needed to prevent economic and financial crises in the future. It is clear that the under-regulated financial markets and the activities of the financial institutions were the prime causes of the current crisis and the worldwide recession.
The financial and economic crisis has, in turn, created real and serious risks to the stability of the financial system and the functioning of the EU’s internal market. To avoid the vicious circle of recession and mistrust in the financial markets, we urgently need more and wiser regulation. Our partners in the United States House of Representatives have already undertaken such steps with the passing of the Dodd-Frank bill. It is high time to do the same for the European Parliament and the European Union."@en1
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