Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-376-351"
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"en.20110511.28.3-376-351"2
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"The global financial crisis triggered by the bankruptcy of the Lehman Brothers bank in 2008 and ‘subprime credit’ – the inappropriate securitisation of mortgage debt – sparked very serious doubts concerning the strength of financial institutions. This forced the governments of both the Member States and the United States to inject public funds amounting to roughly 25% of gross domestic product (GDP) into the financial sector. This situation led the Commission, through its Communication of 4 March 2009, to introduce a genuine programme of reforms of the financial markets’ regulatory frameworks and supervisory regimes. Bearing in mind the economic and financial crisis we are currently experiencing, it is never too much to redouble one’s efforts with regard to the financial sector, beginning with corporate governance which, most of the time, does not take customers into account, whether they are savers, depositors, etc. I therefore welcome the Commission’s Green Paper, and welcome its proposals, which can and should accompany and complement the regulations adopted to strengthen the financial system in the context of the new European supervisory system. I am therefore voting in favour of the report on corporate governance in financial institutions, and I hope that this will contribute decisively to their strength."@en1
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