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Procedure : 2007/0143(COD)
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PV 22/04/2009 - 4
CRE 22/04/2009 - 4

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PV 22/04/2009 - 6.35
CRE 22/04/2009 - 6.35
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Wednesday, 22 April 2009 - Strasbourg OJ edition

4. Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Video of the speeches

  Gay Mitchell, rapporteur for the opinion of the Committee on Economic and Monetary Affairs . − Madam President, I do not want to aim this at anybody in particular. I think that Solvency II, regulation and CRAs are all very relevant and very important, but we need to build a fire station as well as douse the flames. I think we have got too much into the detail of saying: oh, we are going to build this fire station at some time in the future.

I cannot believe that, if President Sarkozy were still President of the European Council, we would still be going at the snail’s pace we are going at. The Czech Presidency is a great disappointment, and the President of the Czech Republic in particular is a great disappointment.

I would say to you that if the Czech Presidency, or its successors, is not capable of doing the job, then it shows that we really do need Lisbon: we really do need somebody on a more permanent basis to give leadership to the European Union.

People are looking for hope; they are looking for some information about recovery. Does anybody in this House really believe that, if Jacques Delors were President of the Commission, we would be going at this snail’s pace? It is time for action and for leadership, and we are not getting that action or leadership, and that is an issue that needs to be raised here this morning.

The European Investment Bank could do much more. The European Union and its institutions, together with countries like China, could do much more. This is not 1937. We did not have the institutions or the capability of addressing things that we have now. We do have those institutions now, within and outside the European Union – a small number of institutions that can cooperate together. What we are missing is leadership. Bring back President Sarkozy, or somebody like Sarkozy, and let us get the Commission properly led, to give people hope and let us start talking about that recovery. I do not see this coming from the European Council and it is time it did.

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