Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-20-Speech-3-094"

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"en.20101020.3.3-094"2
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"The regulatory structures which existed prior to the economic and monetary crisis in the European Union and United States showed a lack of consistency and were overwhelmingly based on disparate macro-economic analyses. Due to the lack of any global consistency in these regulatory structures, countries responded off their own bat. They failed to take into account that, in a globalised world, monetary policies adopted nationally have a significant impact on other economies. The creation of the European Systemic Risk Board and European Financial Supervisory Authorities strengthens financial supervision within the EU. However, there are still insufficient regulations available at international level for managing crises in the finance sector. The EU must stress at the G20 meeting in November the importance of having a supervisory and regulatory system whose actions will include making it compulsory to register financial transactions and instruments. We have a responsibility to the economy and we must first of all be strong at European Union level to enable us to lead the way globally."@en1

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