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EP draws its lessons from financial crisis


20 Oct 2010


Euro & Finance
EU Priorities 2020

Brussels, 20 October 2010

Following a key-debate on the G20 summit and economical and financial issues the European Parliament adopted today by a large majority (501 +/ 76 -) the interim report on the lessons learned from the financial crisis.


ALDE member Wolf KLINZ (FDP, Germany), chairman of the special committee on the financial, economic and social crisis (CRIS), comments: "I am satisfied that the European Parliament is united on such an important issue. This is remarkable when we see, that the G20 is divided on which lessons to draw from the crisis, despite its promises to act together. I am even more disappointed by the decision of the EU ministers of Finance on Monday in Luxemburg - a dark day for European citizens. They did not support the proposals of EU commissioner Olli Rehn and the task-force of Herman van Rompuy asking for more discipline in financial matters by the EU members. We cannot maintain stability and trust without discipline - this is what the Euro crisis has taught us."


"The work of the CRIS Committee has made clear that Europe has reached a crucial and critical point. If we want to maintain the common currency and monetary policy and if we want to reach the EU2020 growth targets, we need more coordination of our economic and budget policies and a functioning internal and labour market. Above all, Europe should have one representative in all relevant international fora who could defend Europe's interest with one single voice in order to strengthen the European position in the global arena."


In view of the proposal from the Commission on stronger reinforcement of economic governance in the Euro area and the agreement between Germany and France, Olle SCHMIDT (Folkpartiet, Sweden), ALDE coordinator for the report, comments: "The proposal should not be allowed to be watered down by the member states. We need as strict rules as possible in order to create stability for the whole EU and a stronger Euro. And as far as possible all 27 member states should follow to the maximum all the economic governance proposals, recognising that for non-Eurozone member states this will in part be a voluntary process."


SCHMIDT adds that the ALDE group had put forward an amendment to the interim report on the introduction of a financial transaction tax, proposing that the tax should not be introduced as a first step at EU level. "If a financial transaction tax should be introduced, it should only be introduced if it is done on a global basis, by a commitment by all the G20 countries", says Olle SCHMIDT.


For more information please contact:

Neil Corlett: +32-2-284 20 77 or +32-478-78 22 84


Axel Heyer: +32-2-284 47 03 or +32-485-10 33 39

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