Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-162"
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"en.20100922.20.3-162"2
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"Mr President, as a Member of the European Parliament for London, many of my constituents – as you can expect – are very concerned about the impact of this not only on Europe’s largest financial centre, but on its two largest financial centres: London is home to the City and to the Canary Wharf Group.
When we look at the financial crisis, it is very easy to fall into a trap – the trap that this Parliament and all the institutions are falling into – that more regulation is the solution. We forget the role that regulation actually played in creating the sub-prime crisis in the first place, telling banks to lend to uncreditworthy customers. When one in ten of those customers defaulted, we had the sub-prime crisis. We also need to understand the difference between regulation and supervision. It could be argued that regulators had the tools at their disposal but did not use them properly.
One of the advantages we hear is that this will create a single rule book for Europe. That is very interesting, but the problem we have got, as we know, is that many EU countries often ignore the rules and do not pay their fines. How can you create a level playing field when many of the players will not obey the rules?"@en1
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