lördag 16 oktober 2010
Tal om finanskrisen på ELDR-kongressen
Igår talade jag för ELDR:s kongress i samband med en frågestund med kommissionär Olli Rehn. Här är talet jag höll, om finanskris, euron och svenska lärdomar för vägen framåt.
The financial crisis in 2008 and the following economic down turn have hit Europe hard. The economic crises lead to a debt crisis and a crisis for the common currency. But we have reason to be optimistic. Europe's economic recovery is slowly in progress. The growth is forecasted to be 1.8 percent this year for the EU and employment has also begun to recover.
At the same time as Europe has to recover from its economical problems we also have to deal with the defaults in the functioning of the European economies. There is need for structural reforms to meet the challenges of an ageing population that has been discussed during this congress. But there is also a need to discuss and prepare for the next economic and financial crisis that will for sure come.
There is a need for:
• Better financial market regulation and European supervision
• More and better capital, and liquidity buffers in the bank sector
• Better crisis management and resolution
• New budget policies and stronger economic policies.
In the European Parliament we are working on a lot of new EU legislation. Currently we are working on 25 directives. I will give you some examples:
• Alternative investment funds directive, AIFM.
• European model for supervision: with three new EU supervisory authorities and a board and mechanism for assessing and handling systemic risks, ESRB.
• Implementation of new banking regulation, Basel 3.
• Deposits guarantee schemes and investment protection schemes.
• Trading with OTC derivatives and short selling
• Markets in Financial Instruments Directive (MiFID)
The Swedish economy is booming which is a result of a dramatic crisis in the early 1990s. Our economic and budgetary policy that we introduced in the 90s is more or less in line with the proposals for the whole European economy today. We introduced a solid tool box, budget and economical discipline. You are not supposed to spend money you do not have.
Finally, some words about the euro. The euro has been a great success. The currency has delivered ten years of economic and monetary stability to its members, who have benefited from very low and stable inflation and interest rates. But there are also problems/weaknesses for in the functioning of the Stability and growth pact. Deep financial and/or fiscal problems in one euro area country can quickly turn into a problem for the whole area. Our essential conclusion is that we urgently need to enhance economic governance in the EU. Steps are taken in this direction.