Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-212"
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"en.20101006.15.3-212"2
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"Madam President, Commissioner, I would like to thank Mr Karas for his excellent work. I believe that we have stood by and watched this severe global economic and financial meltdown impotently over the past two years, even though some claim that things could have been even worse.
Today, the European Union is at the sharp end, and you, Commissioner, are conducting a revolution, aimed at stability, to provide us with the guarantees we need. During the last plenary session, we gave economic power a positive shake-up to safeguard Europe itself. As you stated not long ago, proposals have already been prepared on derivative products and short selling, and we are also discussing taxation on banks and the levy on financial transactions while awaiting the Commission’s final proposed revision.
Commissioner, we need to take great care that, as often happens, we do not go from one extreme to the other, with rules and laws that could hinder or slow down economic development and recovery. I believe that rigidity and bureaucracy are always lying in wait. It is true that at the moment, we need stability, but it is even more true that we very much need growth, growth and more growth – as President Barroso stated in this Chamber.
Basel III marks the start of a process that requires all of us to be responsible, but we must also safeguard competitiveness and equal conditions and pay attention to SMEs, on the one hand, and savings and cooperative banks, on the other, which are close to the grass roots."@en1
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