One day before the World Financial Summit to be held on 15 November in Washington, the President of the European Parliament, Hans-Gert Pöttering, called on European Union representatives attending to flesh out the European economic model of the social market economy.

Mr Pöttering said:

“The World Financial Summit is a major opportunity, provided that it sends out the right signals for the required action. The key players must take action, as the financial crisis has shown that the market alone is not sufficient to create a sustainable and lasting financial system.

“Freedom needs regulation, and the market must always also be linked to social obligations. I expect the European representatives at this summit to act in accordance with the requirements of a sustainable social market economy.

“We now need clear rules, a regulatory framework for banks, and transparency and supervision of the banking system. This summit is also an acid test. The European currency and the European central banks have already played an important stabilising role in this crisis. The countries of the euro zone have found a way of taking joint action together with the United Kingdom. Europeans now have an opportunity to assume a leading role in an equal partnership between the European Union and the United States of America.”

Mr Pöttering also called on those attending the World Financial Summit not to forget, on account of the financial crisis, poor countries and the vital objective of combating climate change.

“If governments spend billions rescuing banks, it must not be the poorest countries in the world that suffer as a result. We must also continue with resolve all our efforts to combat climate change.”

(Source: European Parliament)

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