Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-908"
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"en.20100922.20.3-908"2
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"The financial crisis has shown financial regulation to be inadequate and the mechanisms for market supervision to be weak. We all know that mere cooperation between national supervisory authorities was not sufficient for a single internal market, which is an area truly without borders. That is why I believe that a new European supervisory authority will make it easier to prevent future crises, as we need more flexible institutions for quicker responses. I believe that the European Systemic Risk Board will play a predominant role in vigilance and assessment of the potential risks to our financial stability. We need a series of rules that gives us a level playing field, as well as greater protection better adapted to our depositors, consumers, taxpayers, and small and medium-sized businesses. It is essential to safeguard the position of those who are suffering most from this crisis and to ensure credit facilities in future crises. We must also pay particular attention to the big financial entities, which are usually called ‘too big to fail’ and can, as we have seen, bring about the collapse of the entire global financial system."@en1
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