Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-289"
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"en.20100707.23.3-289"2
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"I abstained on the so-called ‘financial supervision’ package. Although it contains several minor supervisory measures, the proposed responses are insufficient to deal with the current crisis and would be even less able to prevent future crises.
It is not enough to simply create new bodies to regulate the financial sector. The fact that the General Council of the European Systemic Risk Board (ESRB) is composed exclusively of representatives from the ECB, the Commission and the national central banks, without any Parliamentarians, speaks for itself, particularly as this new body would have to work in close collaboration with the IMF and the G20, but would not have any contact whatsoever with the Committee of the Regions or the social partners.
Instead of strengthening a Stability Pact, which is now just an austerity pact, it is time to call it into question, to actually supervise the financial markets and the ECB and to implement new economic and social policies focused on job creation and the fight against poverty.
The public debt crisis reveals the failure of current policies. Now is the time to draw conclusions from these policies."@en1
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