Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-08-Speech-3-010"
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"en.20100908.3.3-010"2
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"Madam President, Mr Reynders, Commissioner, congratulations on your supervision. Parliament has worked hard on this issue and you have also played your part, which is why the results are so good.
We must always look to new tasks and, unfortunately, I must point out that good results are still a long way off in other areas. Let me just say that the regulation of hedge fund managers is still nowhere near a breakthrough. At this point, I would call on both sides, both the Council and the Commission, to get cracking. After all, without your efforts, the regulations will not be of much use. We need equal rights for all. Managers outside the European Union must always be subject to the same conditions as their European counterparts. Otherwise, we are putting Europe at a disadvantage.
It is not our aim to put a whole industry behind bars. However, if we do not achieve meaningful improvements that will prevent the black sheep from plundering well-functioning businesses, we are not going to have good regulation. I want to issue this warning: you should not imagine that you will score an easy victory by simply playing the various Members of this House off against each other. If you fail to introduce effective regulation, the whole of Europe will know who it was who went down on bended knee before the lobbyists and that knowledge will give these discussions a different character.
A word about the financial transaction tax: My view of this is diametrically opposed to that of the Group of the European People’s Party (Christian Democrats). Europe is waiting for answers. You will have to provide these answers. Do not come back from the G20 summit and tell us: ‘Unfortunately we have achieved nothing, so now there is nothing we can do.’ On the contrary, we need to take action in Europe, which is why we need to plan and implement some decisive measures together with the people in Europe. Remember one thing during your negotiations at the G20 summit: we need a response from you, otherwise there is going to have to be a European response."@en1
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