US Congress Turns to EU for Help on Crisis

The European Parliament's Committee on Economic and Monetary Affairs, on Wednesday engaged in an exchange of views with Members of the U.S. Congress on Financial about the causes of the financial crisis and how to avoid it in the future and about common legislation needed to be implemented.

Members of the US-Congress were in favour of the rapid measures taken by the EU and MEP asked the US to implement Bale 2 regulation. One main question was, how to preserve a free market and to implement necessary regulation at the same time.

0:00'00''Title

0:00'05''General view external shot European Parliament Building
0:00'10''Soundbite : Paul E. Kanjorski, Member of US Congress, in English : One of the reason why we are over here is that we recognise the success of your dream and we want to participate in that success and we think it is very important that the US Congress learn from your success and that we critic in some way some of the weaknesses or failings as it impacts the US. But with the full recognition that there is a spirit alive in the world and indeed in the appreciation of the European - American relationship that wants and forces success.
0:00'52''Soundbite : Jean-Paul GAUZÈS (EPP, FR), in French : Here in Europe we are used to act fast, may be sometimes to fast. However it is important to have solutions and not to wait three years for the results of a commission report, to know what to do. Our citizens have to tackle the problems every day.
0:01'17''Soundbite : Rachida DATI (EPP, FR) in French : Regulation does not mean to avoid the creation of wealth. But we can prevent misconduct and speculation. Our common objective is to protect our citizen against the crisis and at same time to help those who lost everything if we do not act it will set the ground for revolt and all kind of fundamentalism.
0:01'49''Soundbite : Luis V. Gutierrez, Member of US Congress, in English : So if we are going to get that free market, that democratic market, we need a transparent market. The only way we are going to this is, if Europe and America - they control 80% of the market - set the course for the future.
0:02'06''Soundbite : Luis V. Gutierrez, Member of US Congress, in English : And just as importantly: supervision. If you do not have policeman watching and monitoring, than do not expect people to necessarily abide by law.
0:02'19''Soundbite : Udo BULLMANN (S-D, DE), in English : Are we able to change the rules of the game in a way that free markets can do their work more effectively? On the other hand: the correct and right regulatory framework can be developed on both sides of the Atlantic.
0:02'39''Soundbite : Udo BULLMANN (S-D, DE), in English : Both sides of the Atlantic are in fear that they loose ground when they come to effective regulation, because the other side of the Atlantic would be able to gain profit from regulatory arbitrage.
0:02'56''cutaways (6)
0:03'21''END

Category:

News & Politics

Tags:

• US
• Congress
• Luis
• V.
• Gutierrez
• Paul
• E.
• Kanjorski
• ean-Paul
• GAUZÈS
• Rachida
• DATI
• Udo
• BULLMANN
• G20
• G-20
• EU
• Europeanparliament
• Europeanunion
• crisis
• finance
• ministers
• eurozone
• ecofin
• EUX.tv
• EUX
• EurActiv.com
• EUXTV
• EurActiv

[Gordancho]

Lo que teneis que hacer es preocuparse de

vuestros problemas y dejar de hacer guerras en terceros paises para robarles!!

[kurosawa71]

you like the crisis we are in at the moment?

we need ways to avoid that this will happen again and again and again....

i believe more transparency and global rules would help.

or would you say that a regulated car traffic is the brainchild of a communist?

but i am with you that this is a very delicate affair

[WCPMC]

@ fzam0009:

omg

USA: I have an idea we have a printer let's make 1 billion copies of the 5 dollar bill! Then we will have plenty of money to brag about on the world scene.

EU and China: What the fuck you do man??? That is economic suicide!

[fzam0009]

@ WCPMC:

LOL

USA: Regulations?! MY GOD! ISN'T THAT COMMUNISM?!

EU: What a bunch of retards

[WCPMC]

haha yes thanks man for seeing the fun in this.

USA: We have finally accepted that you are better at handling money than we are. Then please teach us how to do...

EU: Stop overproducing your dollar or even better replace your dollar with the Canadian one (the good and staple dollar). Then everything will go much smoother for ya!

[fzam0009]

@ WCPMC

It is hilarous:

The US: So how do you run an economy again?

The EU: =/

[RomanSedlak]

english please

[WCPMC]

No..... I just thinks that the fact that the US congress is going on their knees to Brussels for economic supervision is fun because they use to think the US as an Economic giant that could not be touched by anything.

[ramonnl]

Yes, since you're the only nutjob here.

[WCPMC]

Am I the only one that sees this as hilarious =)