NAPOMENE U VEZI SA FINANSIJSKOM KRIZOM

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1 aktuelno José Manuel Durão Barroso* NAPOMENE U VEZI SA FINANSIJSKOM KRIZOM Konferencija za novinare Brisel, 1 oktobar godine FFinansijska kriza je zaista vrlo ozbiljna situacija. Ona zahteva veliki napor od svih. Evropa preuzima svoje odgovornosti. Ima posla koji će se uraditi na kratak rok - i ima posla koji će se uraditi na srednji i dugi rok. Najpre moramo da rešavamo urgentne stvari a onda moramo da učinimo naše strukture otpornim na budućnost. Nadzorne vlasti, države članice, centralne banke i naročito Evropska centralna banka, Predsedništvo Saveta i Evropska komisija: svi mi radimo zajedno i odgovarajuće intervencije se preduzimaju gde su kompanije u poteškoćama. Naročito bih podvukao da ovo dobro funkcioniše na samo na nacionalnom nivou već i na prekograničnom nivou. Dozvolite mi da pohvalim posvećenost, ozbiljnost i osećanje za opšte dobro svih učesnika. * Predsednik Evropske komisije

2 state of the art José Manuel Durão Barroso* REMARKS ON FINANCIAL CRISIS Press conference Brussels, 1 st October 2008 TThe financial crisis is indeed a very serious situation. It requires a major effort on all sides. Europe is taking its responsibilities. There is work to be done in the short term - and there is work to be done in the medium and long term. We must first of all address the urgencies and then make our structures future proof. The supervision authorities, the Member States, the central banks and especially the European Central Bank, the Presidency of the Council and the European Commission: we all work together, and the appropriate interventions are taking place where companies are in difficulty. I would underline in particular that this is working well not only at the national level but also at cross-border level. Let me pay tribute to the dedication, the seriousness and the sense of common good of all those who are involved. * President of the European Commission

3 Želeo bih da naglasim fundamentalnu ulogu koju ima Evropska centralna banka. Ona odlično radi na osiguranju likvidnosti tržišta. Evro je faktor stabilnosti, pravo evropsko dobro u ovim zahtevnim vremenima. Ali, izazovi nisu samo da se ubrizga likvidnost u tržišta. Isto tako nam je p o t r e b n a i n j e k c i j a kredibilnosti na tržištima - u smislu evropskog i globalnog upravljanja finansijskim sistemom. Kada je reč o doprinosu Komisije, mi smo u stalnom kontaktu sa našim partnerima i tržišnim akterima u svetu. Komisija primenjuje pravila konkurencije i državne pomoći u realnom vremenu. Ona uzima u obzir događanja na terenu. Pravična primena pravila konkurencije i državne pomoći zaista je fundamentalni element za uspostavljanje i održavanje poverenja između igrača na tržištu i država članica. Ona garantuju ravno igralište i pomažu da se obezbedi buduća sposobnost postojanja i stabilnosti odnosnih komapanija. Ona jesu i biće primenjivana fleksibilno i odgovorno. Zato je korektno da se kaže da rad ostvaren od početka krize, a naročito poslednjih nekoliko dana, pokazuje da naš sistem može da se bori. Evropski finansijski sistem ima sposobnost da uzvrati. Možemo da imamo poverenja u njega. Neophodno je da se suočimo sa teškoćama koje postoje i zato moramo da radimo više i efikasnije. Bitno je ići dalje od kratkoročnih mera, da se postavi strukturisan, pravi evropski odgovor. To je jedini način da sa obezbedi vraćanje stabilnosti i poverenja. Jasna perspektiva je od fundamentalnog značaja da bi se tržišta smirila i poverenje obnovilo. Trebaju nam vrlo artikulisani odgovori evropskih vlada zajedno sa EU institucijama, regulatorima i supervizorima u Evropi. Zato ubrzavamo primenu Ecofin mape puta dogovorene između Komisije i država članica. Danas smo u p r a v o o d o b r i l i predlog za reformisanje zahteva za k a p i t a l o m f i n a n s i j s k i h kompanija. Član komisije McCreevy izložiće vam detalje za nekoliko minuta. Ovaj predlog će ubrzo pratiti predlog za reformu pravila o agencijama za rejting. Komisija je spremna da preduzme dalju akciju, paralelno sa svojim partnerima, radi dobijanja dodatnih inicijativa za konsolidovanje poverenja u tržišta i za zaštitu interesa štediša i investitora. Spremni smo da ponudimo evropski odgovor na ovu finansijsku krizu: 1. Potrebno nam je dalje jačanje supervizijskih struktura na evropskom nivou. 2. Moramo dograditi pravila procenjivanja kompleksne aktive. Ovo uključuje adaptiranje računovodstvenih pravila novoj situaciji. Naročito ako druga tržišta takođe primenjuju promene ne želimo da evropske banke budu u nepovoljnijem položaju u poređenju sa bankama na drugim tržištima. 3. Potrebno nam je unapređenje konzistentnosti šema za garantovanje depozita. 4. Neophodno je da povećamo transparentnost plata za direktore, oslanjajući se na preporuku Komisije iz godine. Tražim od svih koji pripremaju mere da pogledaju ove preporuke koje nisu prihvaćene onako široko kako je to trebalo. 5. U isto vreme, treba da reafirmišemo i jačamo naše opredeljenje za strukturne reforme za rast i radna mesta po Lisabonskoj strategiji. Ova kriza će imati uticaj na realnu ekonomiju a konkurentski pritisci drugih neće nestati. Rad tokom proteklih godina dao nam je sredstva da se konfrontiramo sa današnjom krizom.

4 I would like to emphasize the fundamental role played by the European Central Bank. It does a superb job by ensuring the liquidity of the markets. The Euro is a factor of stability, a true European asset in these tasking times. But the challenge is not only to inject liquidity into the markets. We also need to inject credibility into the markets - in terms of European and of global governance of the financial system. Regarding the contribution of the Commission, we have been in close contact with our partners and market actors throughout. The Commission applies the competition and state aid rules in real time. It takes the developments on the ground into account. The equitable application of our competition and state aid rules is indeed a fundamental element to establish and maintain trust between market players and member states. They guarantee a level playing field and help ensure the future viability and stability of companies concerned. They are and will be implemented with flexibility and responsibility So it is fair to say that the work achieved since the beginning of the crisis, and more particularly in the last few days, shows that our system can cope. The European financial system has the ability to respond. We can have confidence in it. But we have to face the difficulties that exist and therefore we must do more, and more efficiently. It is essential to go beyond the short term measures and to put into a place a structured, a truly European response. This is the only way to make sure that stability and confidence will return. A clear perspective is fundamental for markets to calm and to restore full confidence. We need very articulated answers by European governments together with EU institutions and the regulators and supervisors in Europe This is why we are accelerating the implementation of the Ecofin roadmap agreed between the Commission and the Member States. Today, we have just approved the proposal for reform of the capital requirements of financial companies. Commissioner McCreevy will present its details to you in a few minutes. This proposal will be followed very quickly by the proposal for reform of the rules on rating agencies. The Commission is ready to take further action, in parallel with its partners, aiming at additional initiatives to consolidate the confidence of the markets and to protect the interests of savers and of investors. We are ready to put forward a European José Manuel Durão Barroso: "The Euro is a factor of stability, a true European asset in these tasking times."

5 Na međunarodnom planu, dozvolite mi da se vratim na jednu tačku: iznad evropskih rešenja, postoji isto tako potreba za globalnim rešenjima. Komisija podržava inicijative koje je dao francuski predsedavajući Saveta da se ponudi jedinstven odgovor: ideja o međunarodnoj konferenciji, u jesen, da se konsoliduje ukupan napor na stabilizaciji finansijskih tržišta, kao i njena priprema na evropskom nivou tokom narednih dana i, naravno, kao najvažnije, Evropski Savet 15. i 16. oktobra. Postoji bliska i dobra saradnja između Predsednika Sarkozija i mene. U ovom kontekstu, obnavljam naš poziv za brzu odluku zakonodavaca SAD o takozvanom Paulsonovom planu. SAD moraju da preuzmu odgovornost. Verujem da će SAD pokazati državništvo koje je sada potrebno, za svoje dobro i za naše dobro. Kao zaključak ovom prilikom, Evropljani, kao i naši partneri u svetu, mogu biti sigurni da naši odgovori jesu i da će biti primereni izazovu: prolazimo kroz krizu, ali imamo sredstva da je prevaziđemo. bankarstvo 9 -

6 response to this financial crisis: 1. We need a further strengthening of the supervision structures at the European level, 2. We must refine the rules on the evaluation of complex assets. This includes adapting our accounting rules to a new situation. In particular if other markets also apply changes, we don t want EU banks in a situation of disadvantage as compared to banks for other markets, 3. We need to improve the consistency of deposit guarantee schemes, 4. We should increase the transparency of executive pay, building on the Commission s 2004 recommendation; and I ask all those who are preparing measures to look at these recommendations, which have not been taken up as widely as they should have been. 5. At the same time, we need to reaffirm and strengthen our commitment to structural reforms for growth and jobs under the Lisbon strategy. This crisis will have an impact on the real economy and competitive pressure from others will not dissapear. The work of the past years has given us the means to confront today s crisis. On the international level, let me reiterate one point: beyond European solutions, there is also a need for global solutions. The Commission supports the initiatives taken by the French Presidency of the Council to come up with a united response: the idea of an international conference in the autumn to consolidate the overall efforts of stabilization of the financial markets, as well as its preparation at the European level, by means of a high level meeting in the coming days and, of course most importantly, the European Council on 15 th and on the 16 th of October. There has been a close and good cooperation between President Sarkozy and myself. In this context, I renew our call for a swi decision by the US legislators on the so-called Paulson plan. The US must take responsibility. I trust that the US will show the statesmanship that is now required, for their sake and all our sake. In conclusion on this point, Europeans, as well as our partners in the world, can be certain that our answers are and will live up to the challenge: we go through a crisis, but we have the means of overcoming it. bankarstvo 9 -