Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-219-000"
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"en.20120329.36.4-219-000"2
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"Madam President, there are a number of lessons to be learnt from the financial crisis. One of the lessons is that governments should stop spending more money than they actually collect in taxes, and be more responsible. That is one of the reasons we find the levels of debt we do right across the EU. Actually, one of the problems with the whole eurozone crisis at the moment is that governments are simply spending more money than they have.
The other issue we should tackle is the balance sheets of banks. For far too long, these derivatives have sat on banks’ balance sheets and have not been properly accounted for. The directors of those banks often do not know what is on the balance sheets, and one of the problems is that the IFRS standards, which the Commission has been so keen to promote, actually give an inaccurate picture.
Another problem is that when one of these contracts blows up, the counterparties should have enough capital to make sure that they can pay out. Those are issues which we saw during the crisis when CDOs and CDSs blew up and not enough provision had been made. We need more transparency in banking and more transparency on the balance sheet, to make sure we learn the lessons of the crisis."@en1
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