Mary Lou McDonald (GUE/NGL). - Madam President, the Global Financial Stability Report of the IMF estimates that the financial crisis will cost USD 4 billion. This is an estimate that may rise. This crisis has been brought about, as we all know, by a kind of casino capitalism, crony capitalism, and a financial services sector that has been subject to no regulation – or to light-touch regulation, as it is sometimes politely referred to.

The fall-out of all of this for workers and families across Europe has been nothing short of catastrophic. I have been struck in the debate and in the reports that have been produced by the very polite way in which we are addressing this scandal. I am struck by the fact that the Liberal and Christian Democrat groups are concerned at over-prescription, or that protectionism may be introduced through the back door.

The fact is that the EU response to the financial crisis has been sluggish and minimalist. The fact is that we do require a protectionism, and those that must be protected are workers and the real economy. We have yet to have a debate on the issue of jobs – although that is what matters for citizens – and this institution remains wedded to a system that has failed. Let us acknowledge that and be radical and brave.