Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-376-125"
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"en.20110511.28.3-376-125"2
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"The introduction of corporate governance may increase European citizens’ confidence in the stability of the financial system, but the markets are reacting by bringing in their own mechanisms and the role played by the rating agencies must not be underestimated. It is completely incomprehensible that citizens are having to tighten their belts to pay for the rescue package for the banks, while the very same managers at the banks who were calling desperately for help are now paying themselves bonuses amounting to millions of euro. Far too little was done during the process of rescuing the banks to respond to this predictable development. At the same time, many small and medium-sized businesses, which the EU always praises on paper as being the engine of the economy, were dealt a fatal blow, because, on the basis of the Basel agreements, the banks preferred to hold onto their money, rather than lending it to companies. The banking crisis has also highlighted the collapse of the myth of the self-regulating market.
It emerged during the crisis in Asia that regulation is a sensible precaution. It remains to be seen to what extent the new monitoring and supervisory measures will take effect. A whole range of mistakes have been made and there has been a breathtaking lack of ethics, morals and decency, combined with conflicts of interest. The report is a move in the right direction, but in some areas, it is not specific enough, which is why I have abstained."@en1
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