madam president i think lots of things have been said about the financial crisis but it is very important to have one viewpoint
we are too self-critical at the moment in this parliament and also too self-critical vis-à-vis the eu institutions
let us not forget that we have had a very radical overhaul of our financial services legislation during the last eight years
we have proper laws
we have proper regulations and the supervisory system has also been improved
of course we could not avoid the crisis but we were not the birthplace of this crisis it was born in america
it was born in the united states because of their lack of regulation their lack of supervision and their lack of proper implementation
we should avoid over-reacting in europe
this is not the proper time to give in having good impact assessments and a better regulation agenda as mr bushill-matthews just said
this is the perfect time to have well-targeted well-prepared proposals and take them through
if we react incorrectly it might have serious consequences
it might even bring a more serious crisis upon us
for example if we accept legislation which makes it more difficult for financial markets to recover it is not to the benefit of european citizens
we should now take it coolly and we should try to avoid improper ill-targeted and ill-prepared legislation and not be too self-critical
the commission should be thanked for bringing through this very important change in european legislation and supervisory regime
