Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-333"

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"In a way, this is a key part of solving the problem, for unless we can achieve a truly common stance in the EU, achieving effective global rules for the financial markets becomes wishful thinking. Sensible people would say that a massive failure of both regulation and oversight, as well as the flaws revealed in a highly simplistic economic philosophy, provide a clear answer as to what to do. Some still argue, however, that soft regulations should be the lynchpin of the new system. In my view, they are wrong – either if they genuinely think so, or are driven by parochial interests. The world has changed dramatically in the last couple of decades. The decline of a misleading paradigm (which equates free markets with no regulations) has to be seen in conjunction with a rising multipolar economic world in the attempt to forge a new international financial system. Arguably, the fate of an open world economic system hinges on the latter. I hope that the new American administration will be forthcoming in this respect, but we at home in Europe have to rise to the momentousness of this period. Some of our own bickering and inability to compromise serves as no good omen in this respect."@en1

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