President. −

Question No 14 by Mairead McGuinness (H-0713/07)

Subject: Turmoil in global financial markets

During a recent informal meeting of the EU Finance Ministers (Porto 14-15 September) the crisis that has arisen in Europe because of instability in US financial markets was discussed. Could the Council outline the nature of these discussions? Did the Council consider the particular case of Northern Rock which is currently experiencing financial difficulties as a direct result of instability in the US?

Does the Council consider that this matter has broader implications for Europe’s financial markets?

Finally, is the Council satisfied that existing safeguards in the financial services arena provide adequate protection to consumers, particularly those who have purchased financial products outside their ‘home’ Member State?