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News Releases
No. 07/08
January 29, 2008
STATEMENT ON FINANCIAL MARKETS BY EUROPEAN COMMISSION PRESIDENT JOSÉ MANUEL BARROSO
In advance of his meeting in London this evening with
heads of state and government of the
European Union G8
members, European Commission President
José Manuel
Barroso issued the following statement:
"I am looking forward to tonight's meeting with the
other EU G8 members at the invitation of [UK] Prime Minister
Gordon Brown.
"It is clear that the recent turmoil in the
financial
markets requires vigilance. None of us are insulated
from what happens on financial markets. Excessive
volatility affects confidence throughout the economy.
"So, we cannot be complacent. But we can be confident.
The fundamentals of the
EU economy are sound. We have
the lowest unemployment rate for 25 years. We have a
positive current account balance. The Euro is strong. We
remain on the growth path.
"What is needed now is action that is both targeted and
proportionate. We must not be tempted into
protectionism, or futile attempts to stem financial
globalisation, or an artificial stimulus of the economy.
"We need a detailed diagnosis of the financial market's
situations, followed by precise intervention.
"That is the purpose of the roadmap for action agreed
by the EU. To make it easier to see where the debt is
buried. To put the right price on complex financial
products. To strengthen supervision without penalising
legitimate financial risk taking. To guarantee
transparency.
"Financial markets are world markets. If we act
together, the EU can help shape the way those markets
are regulated and supervised, worldwide. It is about
improving cross-border co-operation between central
banks, regulators and supervisors. In Europe and
globally.
"As I have said, the EU has agreed on a roadmap. It
needs to be implemented swiftly and decisively. The EU
is represented in different formats in different
international bodies dealing with these questions.
Tonight's meeting of the EU G8 members emphasizes our
determination to act in common, irrespective of the
format of the body, and in coordination with all EU
members. The next rendez-vous will now be the
Spring
European Council [March 13-14] where a report on implementation will
be presented."
For more information, please visit:
http://ec.europa.eu/commission_barroso/president/index_en.htm
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Further Contact Information:
Press and Public Diplomacy
Delegation of the European Commission
2300 M Street, NW
Washington, DC 20037
http://www.eurunion.org/PressRoom
Tel: 202-862-9552
Fax: 202-429-1766
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