Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-358-125"
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"en.20110706.18.3-358-125"2
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"I voted in favour of this report. The financial and economic crisis has resulted in unemployment for 23 million economically active people (9.6% in total), and a youth unemployment rate of 21%, while 17% of EU citizens risk falling into poverty. The crisis has made clear the need for progress towards establishing genuine economic governance of the Union, consisting of a systematic set of policies designed to ensure sustainable growth, good stable jobs, budgetary discipline, the correction of excessive macro-economic imbalances, competitiveness and productivity in the EU economy, and stricter regulation and supervision of financial markets, as well as a suitable mechanism for resolving the financial crisis. I agree with the report’s observation that credit rating agencies played a significant role in deepening the financial crisis through the allocation of incorrect ratings to structured finance instruments which had to be downgraded. I believe that we must reduce reliance on external credit ratings, and the EU urgently needs to establish its own credit rating agency in order to objectively assess the economies of the Member States."@en1
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