mr president this crisis has demonstrated that the global financial system is seriously flawed
first the supervisory agencies failed to prevent irresponsible behaviour by investors
we have seen the development of new financial instruments that are however not transparent enough and do not allow for proper risk assessment
secondly owners and shareholders of financial institutions failed to supervise properly their own managers who paid themselves exorbitant salaries and bonuses and for what
for driving their companies into bankruptcy we need urgent action at least in these two areas
we do not want a repetition of the american meltdown scenario in europe
we do not want in europe a situation in which chief executive officers of financial companies go away with tens of millions of dollars while taxpayers are left to pay their bills
we expect the commission to take serious action on this
