Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-899"
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"en.20100922.20.3-899"2
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"Ladies and gentlemen, the lack of adequate financial regulation in Europe and the poor development of market supervision became clear during the financial crisis. I probably do not need to remind you that Lithuania is one of the countries worst affected by the global financial crisis. At one time, Lithuania’s growth was based almost entirely on loaned funds driven by cheap credit, mostly from foreign lenders looking for a quick profit. Business had barely got on its feet when the crisis began. It is self-evident that there is absolutely no point in continuing to apply mechanisms whose ineffectiveness was exposed during the crisis. Now we need a strong and ambitious policy to create a more effective, integrated and sustainable European supervision system. I am pleased to see the amendments submitted in relation to the Commission’s proposal, which was mostly drafted from the banking perspective, regardless of the position of those seeking loans.
It is important for us to include small and medium-sized enterprises because their business is more dependent on bank financing than large enterprises. I hope that we will be able to establish a reliable European institution with clear powers and a crisis management mechanism which will ensure that it is not Europe’s taxpayers who will face the greatest burden following any short-term change in the financial system."@en1
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