mr president the combined topics of this morning's debate have a strong common theme of our continued response to the financial crisis and to finding ways to make our management of the risk more effective whether it be risk management of public debt risk management of our financial markets and products or the risk management of global imbalances
whether it is the behaviour of our banks or the behaviour of member states treasury departments we need to ensure a common high standard of behaviour with respect to adhering to an agreed set of rules
stronger financial and fiscal discipline by both the private and public sectors needs to be enforced
we need to ensure that in the search for growth opportunities by the eu the financing tools used by the eu and the individual member states are of the highest calibre and as transparent as possible
the use of innovative financing needs to be approached with caution and the moves by the eu to leverage its own budget need to be taken into account knowing all the risks and the potential for moral hazard
the european financial stabilisation fund is a large off-balance sheet vehicle reliant on a credit rating
to leverage the eu budget in the issuance of project bonds by the eib needs to be subject to intense scrutiny
as we all know complex financial instruments and leverage bring their own risk
there is no free money and there are no short cuts
