BETA


2008/2523(RSP) Resolution on the European Council of 15-16 October 2008

Progress: Procedure completed

Legal Basis:
RoP 123-p2

Events

2009/02/12
   EC - Commission response to text adopted in plenary
Documents
2008/10/22
   EP - Results of vote in Parliament
2008/10/22
   EP - Decision by Parliament
Details

The European Parliament adopted by 499 votes to 130 with 67 abstentions a resolution on the European Council of 15 and 16 October 2008.

The resolution had been tabled for consideration in plenary by the EPP-ED, PES, ALDE, and UEN groups.

The main points of this resolution are as follows:

Macroeconomic impact of the global financial crisis on the real economy : Parliament strongly underlines the importance of European macroeconomic policies responding quickly and in a highly coordinated way in order to resuscitate global economic growth. It observes, however, that the principles of the Stability and Growth Pact must not be undermined.

MEPs call for a further reinforcement of coordinated action in order to restore confidence to the markets. In this context, it welcomes the Presidency Conclusions' endorsement of the measures decided by the Eurogroup on 12 October 2008 as a first important and coordinated step to restore confidence in the markets, to boost inter-bank loans and to enhance banks" own funds so that they can continue to lend to companies and to households. It agrees that these measures were necessary to contain the current financial crisis.

The resolution notes that this crisis has implications beyond the financial markets, in particular in respect of business viability, jobs, personal finance and SMEs. MEPs recall the paramount importance of ongoing access to credit for citizens and SMEs and of investments in EU infrastructure in order to avoid a dramatic downturn in economic growth and employment.

Exit strategy from the financial crisis : Parliament is determined to support measures that can return liquidity to the markets so that credit facilities can be restored to businesses and individuals. It invites Member States to review the functioning of the current financial system if they are serious about their willingness to restore confidence in the financial markets and tackle the financial crisis globally.

The resolution welcomes the rapid and comprehensive reaction by the Commission regarding application of State aid rules to measures taken in relation to financial institutions. Parliament appreciates the decision of the Commission to set up a high-level group in order to elaborate a supervisory architecture that is solid and sustainable, but strongly criticises the absence of Parliament from the “financial crisis unit”.

Concerned about hazard in the financial markets created by the size of State support packages, MEPs considers it important that, in the interests of taxpayers and Member States" budgets, each time that public money is spent on rescuing a financial institution, it is accompanied by public oversight, improvements in governance, limitations on remuneration, strong accountability to public authorities and investment strategies for the real economy.

Improving regulation : Parliament calls on the Council to act together with Parliament and calls on the Commission to use its power of initiative to propose measures to strengthen the EU regulatory and supervisory framework and crisis management at the EU regulatory level. Parliament reiterates its call for legislative measures regarding in particular bank regulation and supervision, the role of credit rating agencies, securitisation and oversight of securitisation, hedge funds and other types of new institution, the role of leverage, transparency requirements, winding-up rules, clearing of over-the-counter (OTC) markets and crisis prevention mechanisms.

MEPs also reiterate the need to strengthen the Lamfalussy process, including the supervision of the largest cross-border financial groups by colleges and the provision of a clear legal status and stronger prerogatives for the Level-3 Committees, as a means to improve supervision in the EU and help international dialogue and policy coordination in this field.

The resolution points out that a crisis transcending national jurisdictions cannot be tackled only individually by national authorities and that in cross-border crises cooperation and mutual trust between supervisory authorities are crucial. It welcomes the initiative of promoting as soon as possible an international conference to discuss the regulatory and supervisory actions that must be undertaken in response to the present crisis; is convinced that the EU must play a leading role in discussions of the future of the international financial architecture and asks the European Council and the Commission to associate the European Parliament in this process.

The resolution addresses other issues examined at the European Council’s meeting:

Lisbon Treaty : Parliament reiterates its respect for the result of the Irish referendum and for the results of the ratification procedures of the other Member States, and considers that it is possible to meet the concerns that have been expressed by the Irish people in order to secure a solution acceptable to all before the European elections. The European Council is asked to define at its next meeting a method and a timetable which would allow it to achieve this result.

Energy and climate change : MEPs hold the view that the EU's post-2012 climate targets should not be questioned as a consequence of the present international financial crisis. They undertake to cooperate closely with the Council and Commission to find an effective and workable agreement on the climate change and energy package in the shortest practicable time. They call on the Council to maintain the proposed ambitious targets of achieving a mandatory 20% share of sustainable renewable energies in the Community's overall final energy consumption and a mandatory 10% share of energy from sustainable renewable sources in each Member State's transport sector by 2020.

Energy security : Parliament calls for strong political commitment to moving to a low-carbon EU economy, along with increased use of indigenous sources, decentralised energy production and energy saving measures to promote renewables, energy efficiency and other low-carbon energy sources. It points out that security of energy supply is a priority for the European Union and invites Member States to speed up the implementation of energy-efficiency policies and existing legislation. It considers a fully operational internal market paramount for supply security.

Immigration and asylum : Parliament welcomes the initiative of the French Presidency on the European Pact on Immigration and Asylum in so far as it promotes a coherent and balanced approach to migration in its twofold objectives of providing legal channels of migration while at the same time tackling illegal migration. MEPs believe that a common immigration policy should be based on the assumption that migrants are individual members of society and potential citizens; takes the view that, in addition, Member States should try to put in place clear, effective policies for social inclusion and integration. The Pact needs to be accompanied by concrete legislative proposals.

Conflicts in the Caucasus : Parliament takes the view that there cannot be a military solution to the conflicts in the Caucasus and firmly condemns of all those who resorted to force and violence in order to change the situation in the Georgian breakaway territories of South Ossetia and Abkhazia. It recalls the disproportionate military action by Russia in Georgia in early August 2008 and asks it to respect the sovereignty and territorial integrity of Georgia and the inviolability of its borders as recognised by all EU Member States.

Documents
2008/10/22
   EP - End of procedure in Parliament
2008/10/21
   EP - Motion for a resolution
Documents
2008/10/21
   EP - Motion for a resolution
Documents
2008/10/21
   EP - Motion for a resolution
Documents
2008/10/21
   EP - Motion for a resolution
Documents
2008/10/21
   Joint motion for resolution
Documents
2008/10/21
   EP - Debate in Parliament
Details

In the presence of French President Nicolas Sarkozy, MEPs commented on the outcome of the EU summit held on 15 and 16 October 2008, and discussed how to tackle world crises.

The President of the European Parliament congratulated the European Union, under French Presidency, for having shown its ability to act in response to the financial crisis and that the European Council, in close consultation with the European Commission and European Parliament, had ensured that the EU has emerged as a key player to effectively meet the challenges of the global economy.

The President of the European Council highlighted the unified force of the EU as regards crisis management, saying he wanted to involve the European Parliament at all stages. He also commented on the following issues:

Georgia : the EU responded quickly to the Russian reaction to the Georgian conflict. Negotiations have prevented a new Cold War from breaking out.

Financial crisis : Member States have agreed to inject at EUR 1.800 billion to reassure investors and entrepreneurs in Europe.

Reform of the financial system : in order to prevent such a crisis from recurring, the French President announced his intention, on behalf of the European Union, to create a new global financial system or a new “Bretton Woods”, the aim being to overhaul capitalism. He pleaded for banks, working with state money, not to work with tax havens. He criticised the excessive risks taken by traders and suggested creating sovereign wealth funds ( hedge funds ) in each EU country. He suggested that Europe should have its own credit rating agencies.

Maintaining the goals of the energy/climate package : the Presidency rejected any idea that the world should do less to combat climate change because of the financial crisis.

Roadmap for the Lisbon Treaty : stressing that Europe was in need of institutional reform, the Presidency expressed a desire to establish a road map to find a solution to the issue of the Irish ratification of the Treaty of Lisbon.

The President of the Commission welcomed the common position reached at the European Council with a view to restoring the economic situation in times of crisis. On this issue, he outlined three areas: immediate action to address the financial crisis, reforming the international financial system and the promotion of the real economy. He said he had to make Europe a knowledge economy, investing in research and allowing more flexibility for national economic policies.

The main political groups supported the outcome of the Summit. They did however express different analyses as regards the origin of the financial crisis:

EPP : the Group's President congratulated the success of the French Presidency. He welcomed measures such as recommendations on regulation and surveillance, reform and an end to golden parachutes. He spoke in favour of a free market, but called for rules and regulations. He supported measures to preserve the European model of solidarity and "social market economy". Regarding the Lisbon Treaty, he called on the Member States that have not yet ratified the Treaty to do so as soon as possible. He also stressed the difficulty, for Europe to function efficiently, with the rule on unanimity and no stable Presidency. He praised the European Pact on immigration and cited other challenges to be overcome such as climate change, energy and defence. PES : the President of the Group was impressed by the recent resolute action of both President Sarkozy and Barroso. He called for the creation of new rules, especially for hedge funds. He deplored the lack of consideration by the Council for investors and taxpayers who will suffer the consequences of the crisis. Regarding the energy-climate package, he called for the development of a sustainable economy. ALDE : the leader thanked the group for calls to work together, but he questioned why the Council conclusions - for example, in the context of climate change - referred only to the Commission and the Council, without any mention of the Parliament. He stressed that some Member States were making behind-the-scenes attempts to "unpick" agreements on CO2 emission targets for new cars (2012) and emission sharing (2013). Underlining the negative consequences of the lack of market transparency, the Group's President welcomed the fact that coordinated measures had reduced the immediate pressure. He nevertheless regretted that the Summit did not succeed in developing effective plans for a surveillance regime. Greens : the representative of the Group stressed that all crises - ecological, financial, worldwide hunger - were interdependent, and must be tackled. He called for a review on the way we live and the way we manufacture and a European recovery plan. UEN : the Group's representative congratulated the European Council for the adoption of the immigration and asylum pact. However, she asked the Commission to make specific decisions to reassure the markets. Stressing the need for a new financial system, she called for the overhaul of global capitalism and further regulate free trade. She requested that the EIB play a greater role and that the ECB be more visible. GUE/NGL : the President of the group warned that the worst was still to come and that the further debate was necessary on the crisis. In order for Europe to be more accountable to its citizens, he called to introduce regulation and do away with golden handshakes. He expressed his wish for a “new Bretton Woods”. IND/DEM : according to the Group's president, President Sarkozy acted primarily as the French President rather than for the EU during his visit to Georgia. Regarding the financial crisis, he praised the response of the Irish and the Greeks. He criticized the fact that there are too many regulations which failed to protect investors. He highlighted the Swiss who have a certain adaptability to weather the financial crisis better than the EU States.

Responses to MEPs : the question of the financial crisis, the President of the European Council stated that financial support to banks was intended to protect investors. He expressed the need to establish a minimum coordination of European regulators. Stressing the need for transparency, he criticized the U.S. accounting rules and the scandalous attitude of rating agencies in the crisis.

On the climate and energy package, he called for the support of the European Parliament to reach an agreement within the codecision. He called for an ambitious compromise. Lastly, he said he would fight for the Lisbon process to go through.

The President of the Commission stressed the need to address the immediate problems. Referring to the debt of the United States and the fundamental imbalances in the economy, he pointed out that financial regulation was present in Europe, but that monitoring mechanisms were essentially national. He estimated that the EU should consider adopting legislative measures in this sector.

On the climate package, he asked not to confuse respect for co-decision with the need for a strong consensus among Member States. He stressed the importance of a strong leadership to build consensus in the European Council.

Documents

Activities

Votes

RC B6-0543/2008 - Conseil européen - am. 3 #

2008/10/22 Outcome: -: 376, +: 170, 0: 121
FR DK AT PT CY FI MT BE LU EE SE EL LV SI NL IE LT BG SK CZ HU RO ES IT DE PL GB
Total
65
14
14
17
5
11
4
21
6
5
15
22
6
5
25
13
10
14
12
19
21
29
49
64
85
49
67
icon: PSE PSE
182

Malta PSE

Abstain (1)

2

Luxembourg PSE

For (1)

1

Estonia PSE

2

Ireland PSE

1

Lithuania PSE

Abstain (1)

1

Slovakia PSE

3

Czechia PSE

2
icon: Verts/ALE Verts/ALE
38

Denmark Verts/ALE

For (1)

1

Austria Verts/ALE

2

Finland Verts/ALE

For (1)

1

Belgium Verts/ALE

2

Luxembourg Verts/ALE

For (1)

1

Sweden Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Romania Verts/ALE

Abstain (1)

1

Italy Verts/ALE

1

United Kingdom Verts/ALE

3
icon: GUE/NGL GUE/NGL
35

France GUE/NGL

2

Denmark GUE/NGL

1

Portugal GUE/NGL

3

Cyprus GUE/NGL

2

Finland GUE/NGL

For (1)

1

Sweden GUE/NGL

2

Netherlands GUE/NGL

2

Ireland GUE/NGL

1

Spain GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1
icon: NI NI
25

Austria NI

For (1)

1

Belgium NI

Abstain (1)

1

Bulgaria NI

2

Slovakia NI

3

Italy NI

Against (1)

3
2

United Kingdom NI

6
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Sweden IND/DEM

2

Greece IND/DEM

Abstain (1)

1

Netherlands IND/DEM

2

Ireland IND/DEM

Against (1)

1

Czechia IND/DEM

Against (1)

1

Poland IND/DEM

3
icon: UEN UEN
38

Denmark UEN

For (1)

1

Lithuania UEN

Against (1)

1
icon: ALDE ALDE
87

Denmark ALDE

Abstain (1)

4

Austria ALDE

Against (1)

1

Cyprus ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Sweden ALDE

Against (1)

1

Slovenia ALDE

2

Ireland ALDE

For (1)

1

Hungary ALDE

Against (1)

1

Spain ALDE

Against (1)

2
icon: PPE-DE PPE-DE
242

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Finland PPE-DE

Against (1)

1

Malta PPE-DE

Against (2)

2

Luxembourg PPE-DE

3

Estonia PPE-DE

Against (1)

1

Latvia PPE-DE

2

Slovenia PPE-DE

3

Lithuania PPE-DE

1

RC B6-0543/2008 - Conseil européen - am. 4 #

2008/10/22 Outcome: -: 371, +: 201, 0: 102
FR SE BE PT IE DK CY MT AT EL NL FI BG LU EE LV SK SI CZ LT GB HU RO ES DE IT PL
Total
65
16
22
17
13
13
5
4
14
23
25
11
15
6
5
6
9
5
19
10
68
21
29
49
88
67
49
icon: PSE PSE
188

Ireland PSE

1

Malta PSE

Abstain (1)

2

Finland PSE

For (1)

3

Luxembourg PSE

Abstain (1)

1

Estonia PSE

2

Slovakia PSE

For (1)

3

Czechia PSE

2

Lithuania PSE

Abstain (1)

1
icon: Verts/ALE Verts/ALE
39

Sweden Verts/ALE

For (1)

1

Belgium Verts/ALE

2

Denmark Verts/ALE

For (1)

1

Austria Verts/ALE

2

Finland Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Latvia Verts/ALE

1

United Kingdom Verts/ALE

3

Italy Verts/ALE

2
icon: GUE/NGL GUE/NGL
35

France GUE/NGL

2

Sweden GUE/NGL

2

Portugal GUE/NGL

3

Ireland GUE/NGL

1

Denmark GUE/NGL

1

Cyprus GUE/NGL

2

Netherlands GUE/NGL

2

Finland GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1

Spain GUE/NGL

For (1)

1
icon: IND/DEM IND/DEM
20

Sweden IND/DEM

2

Ireland IND/DEM

For (1)

1

Denmark IND/DEM

For (1)

1

Greece IND/DEM

1

Netherlands IND/DEM

2

Czechia IND/DEM

Against (1)

1

Poland IND/DEM

3
icon: NI NI
22

Belgium NI

Against (1)

1

Austria NI

Abstain (1)

1

Bulgaria NI

2
3
2
icon: UEN UEN
38

Denmark UEN

Against (1)

1

Lithuania UEN

Against (1)

1
icon: ALDE ALDE
88

Sweden ALDE

Against (1)

1

Ireland ALDE

Abstain (1)

1

Denmark ALDE

Against (2)

Abstain (1)

4

Cyprus ALDE

Against (1)

1

Austria ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Slovenia ALDE

2

Hungary ALDE

Against (1)

1
2
icon: PPE-DE PPE-DE
244

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Malta PPE-DE

Against (2)

2

Finland PPE-DE

Against (1)

1

Luxembourg PPE-DE

3

Estonia PPE-DE

Against (1)

1

Latvia PPE-DE

2

Slovenia PPE-DE

3

Lithuania PPE-DE

1

RC B6-0543/2008 - Conseil européen - am. 5 #

2008/10/22 Outcome: -: 375, +: 183, 0: 132
BE FR AT PT MT DK EE FI NL SE LU CY LV SI IE BG CZ SK LT EL ES HU IT RO DE PL GB
Total
22
66
14
16
4
13
6
12
24
17
6
5
7
5
13
16
20
12
11
23
49
21
67
30
92
50
69
icon: PSE PSE
189

Malta PSE

Abstain (1)

2

Estonia PSE

For (1)

3

Finland PSE

Abstain (1)

3

Luxembourg PSE

Abstain (1)

1

Ireland PSE

1

Czechia PSE

For (1)

Abstain (1)

2

Slovakia PSE

3

Lithuania PSE

Abstain (1)

2
icon: Verts/ALE Verts/ALE
40

Belgium Verts/ALE

2

Austria Verts/ALE

2

Denmark Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Sweden Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Italy Verts/ALE

2

Romania Verts/ALE

1

United Kingdom Verts/ALE

3
icon: GUE/NGL GUE/NGL
35

France GUE/NGL

For (1)

Against (1)

2

Portugal GUE/NGL

2

Denmark GUE/NGL

1

Finland GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

Sweden GUE/NGL

2

Cyprus GUE/NGL

2

Ireland GUE/NGL

1

Spain GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1
icon: NI NI
27

Belgium NI

Against (1)

1

Austria NI

For (1)

1

Bulgaria NI

2

Czechia NI

Against (1)

1

Slovakia NI

3

Italy NI

For (1)

Against (1)

Abstain (1)

3
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Netherlands IND/DEM

2

Sweden IND/DEM

For (1)

Against (1)

2

Ireland IND/DEM

Abstain (1)

1

Czechia IND/DEM

Against (1)

1

Greece IND/DEM

Against (1)

1

Poland IND/DEM

For (1)

3
icon: UEN UEN
39

Denmark UEN

Against (1)

1

Lithuania UEN

Against (1)

1
icon: ALDE ALDE
90

Austria ALDE

1

Denmark ALDE

Abstain (1)

4

Estonia ALDE

Against (2)

2

Sweden ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Cyprus ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Slovenia ALDE

2

Ireland ALDE

Against (1)

1
2

Hungary ALDE

Against (1)

1
icon: PPE-DE PPE-DE
250

Belgium PPE-DE

Against (1)

5

Austria PPE-DE

For (1)

4

Malta PPE-DE

For (1)

Against (1)

2

Denmark PPE-DE

1

Estonia PPE-DE

For (1)

1

Finland PPE-DE

Against (1)

2

Luxembourg PPE-DE

3

Cyprus PPE-DE

2

Latvia PPE-DE

2

Slovenia PPE-DE

3

Ireland PPE-DE

5

Lithuania PPE-DE

1

RC B6-0543/2008 - Conseil européen - am. 6 #

2008/10/22 Outcome: -: 389, +: 178, 0: 117
FR PT BE AT DK SE CY EL FI EE MT LU NL LV SI BG LT SK IE CZ HU RO ES IT DE PL GB
Total
62
17
21
14
13
17
5
23
13
6
4
6
25
7
5
16
10
12
13
20
21
30
49
66
91
49
69
icon: PSE PSE
188

Finland PSE

Abstain (1)

3

Estonia PSE

For (1)

3

Malta PSE

2

Luxembourg PSE

Abstain (1)

1

Lithuania PSE

Abstain (1)

2

Slovakia PSE

For (1)

3

Ireland PSE

1

Czechia PSE

2
icon: Verts/ALE Verts/ALE
39

Belgium Verts/ALE

2

Austria Verts/ALE

2

Sweden Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Romania Verts/ALE

1

Italy Verts/ALE

2

United Kingdom Verts/ALE

3
icon: GUE/NGL GUE/NGL
36

France GUE/NGL

2

Portugal GUE/NGL

3

Denmark GUE/NGL

1

Sweden GUE/NGL

2

Cyprus GUE/NGL

2

Finland GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

Ireland GUE/NGL

1

Spain GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1
icon: IND/DEM IND/DEM
19

Denmark IND/DEM

For (1)

1

Sweden IND/DEM

2

Greece IND/DEM

1

Netherlands IND/DEM

2

Ireland IND/DEM

Against (1)

1

Czechia IND/DEM

Against (1)

1

Poland IND/DEM

2
icon: NI NI
25

Belgium NI

Against (1)

1

Austria NI

For (1)

1

Bulgaria NI

2

Slovakia NI

3

Czechia NI

Against (1)

1

Italy NI

For (1)

Against (1)

Abstain (1)

3
2
icon: UEN UEN
38

Denmark UEN

Abstain (1)

1

Lithuania UEN

Against (1)

1
icon: ALDE ALDE
89

Austria ALDE

1

Denmark ALDE

Abstain (1)

4

Sweden ALDE

Against (1)

1

Cyprus ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Luxembourg ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Slovenia ALDE

2

Ireland ALDE

Against (1)

1

Hungary ALDE

Against (1)

1
2
icon: PPE-DE PPE-DE
250

Belgium PPE-DE

For (1)

Abstain (1)

4

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Finland PPE-DE

3

Estonia PPE-DE

Against (1)

1

Malta PPE-DE

Against (2)

2

Luxembourg PPE-DE

3

Latvia PPE-DE

2

Slovenia PPE-DE

3

Lithuania PPE-DE

1

RC B6-0543/2008 - Conseil européen - am. 7 #

2008/10/22 Outcome: -: 410, 0: 142, +: 141
BE PT DK AT EE MT FI LU FR LV SI CY NL SE BG EL SK LT IE CZ HU RO ES IT DE PL GB
Total
22
18
14
13
6
4
13
6
65
7
5
5
26
18
16
23
12
11
13
20
21
30
49
66
91
50
69
icon: PSE PSE
188

Estonia PSE

For (1)

3

Malta PSE

2

Finland PSE

For (1)

3

Luxembourg PSE

Abstain (1)

1

Slovakia PSE

For (1)

3

Lithuania PSE

Abstain (1)

2

Ireland PSE

1

Czechia PSE

2
icon: Verts/ALE Verts/ALE
40

Belgium Verts/ALE

2

Denmark Verts/ALE

For (1)

1

Austria Verts/ALE

2

Finland Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Sweden Verts/ALE

For (1)

1

Romania Verts/ALE

Abstain (1)

1

Italy Verts/ALE

2

United Kingdom Verts/ALE

3
icon: GUE/NGL GUE/NGL
36

Portugal GUE/NGL

3

Denmark GUE/NGL

1

Finland GUE/NGL

For (1)

1

France GUE/NGL

2

Cyprus GUE/NGL

2

Netherlands GUE/NGL

2

Sweden GUE/NGL

2

Ireland GUE/NGL

1

Spain GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Netherlands IND/DEM

2

Sweden IND/DEM

2

Greece IND/DEM

Abstain (1)

1

Ireland IND/DEM

Against (1)

1

Czechia IND/DEM

Against (1)

1

Poland IND/DEM

Against (1)

3
icon: NI NI
27

Belgium NI

Against (1)

1

Austria NI

Against (1)

1

Bulgaria NI

2

Slovakia NI

3

Czechia NI

Against (1)

1
3
icon: UEN UEN
39

Denmark UEN

For (1)

1

Lithuania UEN

Against (1)

1
icon: ALDE ALDE
90

Denmark ALDE

Abstain (1)

4

Austria ALDE

1

Estonia ALDE

Against (2)

2

Luxembourg ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Slovenia ALDE

2

Cyprus ALDE

Against (1)

1

Sweden ALDE

2

Ireland ALDE

Against (1)

1

Hungary ALDE

Against (1)

1
2
icon: PPE-DE PPE-DE
253
5

Denmark PPE-DE

Against (1)

1

Estonia PPE-DE

Against (1)

1

Malta PPE-DE

Against (2)

2

Finland PPE-DE

3

Luxembourg PPE-DE

3

Latvia PPE-DE

2

Slovenia PPE-DE

3

Cyprus PPE-DE

2

Lithuania PPE-DE

1

RC B6-0543/2008 - Conseil européen - am. 8 #

2008/10/22 Outcome: -: 409, +: 159, 0: 126
BE PT DK CY LU MT FR FI EE AT LV SI SE EL BG CZ NL LT IE SK HU RO ES IT DE PL GB
Total
21
18
14
5
6
4
64
13
5
16
7
5
18
23
16
20
26
11
13
12
21
30
49
67
93
49
68
icon: PSE PSE
189

Luxembourg PSE

For (1)

1

Malta PSE

2

Finland PSE

3

Estonia PSE

2

Czechia PSE

2

Lithuania PSE

Abstain (1)

2

Ireland PSE

1

Slovakia PSE

Against (1)

3
icon: Verts/ALE Verts/ALE
38

Belgium Verts/ALE

2

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Austria Verts/ALE

2

Latvia Verts/ALE

1

Sweden Verts/ALE

For (1)

1

Romania Verts/ALE

1

Italy Verts/ALE

2

United Kingdom Verts/ALE

3
icon: GUE/NGL GUE/NGL
37

Portugal GUE/NGL

3

Denmark GUE/NGL

1

Cyprus GUE/NGL

2

France GUE/NGL

2

Finland GUE/NGL

For (1)

1

Sweden GUE/NGL

For (1)

Abstain (1)

2

Netherlands GUE/NGL

Against (1)

2

Ireland GUE/NGL

1

Spain GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1
icon: IND/DEM IND/DEM
19

Denmark IND/DEM

For (1)

1

France IND/DEM

2

Sweden IND/DEM

2

Greece IND/DEM

1

Czechia IND/DEM

Against (1)

1

Netherlands IND/DEM

2

Ireland IND/DEM

Against (1)

1

Poland IND/DEM

Against (1)

3
icon: NI NI
27

Belgium NI

Against (1)

1

Austria NI

Against (1)

1

Bulgaria NI

2

Czechia NI

Against (1)

1

Slovakia NI

3
3
icon: UEN UEN
39

Denmark UEN

For (1)

1

Lithuania UEN

Against (1)

1
icon: ALDE ALDE
89

Denmark ALDE

Abstain (1)

4

Cyprus ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Austria ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Slovenia ALDE

2

Sweden ALDE

2

Ireland ALDE

Against (1)

1

Hungary ALDE

Against (1)

1
2
icon: PPE-DE PPE-DE
256

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Luxembourg PPE-DE

3

Malta PPE-DE

Against (2)

2

Finland PPE-DE

3

Estonia PPE-DE

Against (1)

1

Latvia PPE-DE

2

Slovenia PPE-DE

3

Lithuania PPE-DE

1

RC B6-0543/2008 - Conseil européen - résolution #

2008/10/22 Outcome: +: 499, -: 130, 0: 67
DE ES IT FR RO PL HU BG BE NL SK PT GB IE FI EL DK AT EE LT SI SE LU MT LV CY CZ
Total
93
49
64
67
28
49
21
16
22
25
12
19
70
13
13
23
14
16
6
11
5
18
6
4
6
5
21
icon: PPE-DE PPE-DE
256

Ireland PPE-DE

Abstain (1)

5

Finland PPE-DE

Abstain (1)

3

Denmark PPE-DE

1

Estonia PPE-DE

For (1)

1

Lithuania PPE-DE

1

Slovenia PPE-DE

3

Luxembourg PPE-DE

3

Malta PPE-DE

2

Latvia PPE-DE

2

Cyprus PPE-DE

2
icon: PSE PSE
190

Ireland PSE

1

Estonia PSE

3

Lithuania PSE

2

Luxembourg PSE

For (1)

1

Malta PSE

2

Czechia PSE

2
icon: ALDE ALDE
89

Hungary ALDE

1

Ireland ALDE

For (1)

1

Austria ALDE

Abstain (1)

1

Estonia ALDE

2

Slovenia ALDE

2

Sweden ALDE

2

Luxembourg ALDE

For (1)

1

Cyprus ALDE

For (1)

1
icon: UEN UEN
38

Denmark UEN

Abstain (1)

1

Lithuania UEN

1
icon: IND/DEM IND/DEM
20

Poland IND/DEM

3

Netherlands IND/DEM

2

Ireland IND/DEM

Abstain (1)

1

Greece IND/DEM

1

Denmark IND/DEM

Against (1)

1

Sweden IND/DEM

2

Czechia IND/DEM

Against (1)

1
icon: NI NI
27

Italy NI

For (1)

3
2

Bulgaria NI

2

Belgium NI

Against (1)

1

Austria NI

Against (1)

1

Czechia NI

Against (1)

1
icon: Verts/ALE Verts/ALE
39

Italy Verts/ALE

Against (1)

1

Romania Verts/ALE

Abstain (1)

1

Belgium Verts/ALE

2

United Kingdom Verts/ALE

3

Finland Verts/ALE

Abstain (1)

1

Denmark Verts/ALE

Against (1)

1

Austria Verts/ALE

2

Sweden Verts/ALE

Against (1)

1

Luxembourg Verts/ALE

Against (1)

1

Latvia Verts/ALE

Against (1)

1
icon: GUE/NGL GUE/NGL
37

Spain GUE/NGL

Against (1)

1

France GUE/NGL

2

Netherlands GUE/NGL

2

Portugal GUE/NGL

3

United Kingdom GUE/NGL

Against (1)

1

Ireland GUE/NGL

Against (1)

1

Finland GUE/NGL

Against (1)

1

Denmark GUE/NGL

1

Sweden GUE/NGL

2

Cyprus GUE/NGL

2

History

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activities
  • date: 2008-10-21T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20081021&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2008-10-22T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=16266&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2008-506 type: Decision by Parliament, 1st reading/single reading title: T6-0506/2008 body: EP type: Results of vote in Parliament
commission
  • body: EC dg: Secretariat-General commissioner: BARROSO José Manuel
committees
    docs
    • date: 2008-10-21T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B6-2008-543&language=EN title: B6-0543/2008 type: Motion for a resolution body: EP
    • date: 2008-10-21T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B6-2008-550&language=EN title: B6-0550/2008 type: Motion for a resolution body: EP
    • date: 2008-10-21T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B6-2008-551&language=EN title: B6-0551/2008 type: Motion for a resolution body: EP
    • date: 2008-10-21T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B6-2008-552&language=EN title: B6-0552/2008 type: Motion for a resolution body: EP
    • date: 2008-10-21T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=P6-RC-2008-543&language=EN title: RC-B6-0543/2008 type: Joint motion for resolution
    • date: 2009-02-12T00:00:00 docs: url: /oeil/spdoc.do?i=16266&j=0&l=en title: SP(2008)7292 type: Commission response to text adopted in plenary
    events
    • date: 2008-10-21T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20081021&type=CRE title: Debate in Parliament summary: In the presence of French President Nicolas Sarkozy, MEPs commented on the outcome of the EU summit held on 15 and 16 October 2008, and discussed how to tackle world crises. The President of the European Parliament congratulated the European Union, under French Presidency, for having shown its ability to act in response to the financial crisis and that the European Council, in close consultation with the European Commission and European Parliament, had ensured that the EU has emerged as a key player to effectively meet the challenges of the global economy. The President of the European Council highlighted the unified force of the EU as regards crisis management, saying he wanted to involve the European Parliament at all stages. He also commented on the following issues: Georgia : the EU responded quickly to the Russian reaction to the Georgian conflict. Negotiations have prevented a new Cold War from breaking out. Financial crisis : Member States have agreed to inject at EUR 1.800 billion to reassure investors and entrepreneurs in Europe. Reform of the financial system : in order to prevent such a crisis from recurring, the French President announced his intention, on behalf of the European Union, to create a new global financial system or a new “Bretton Woods”, the aim being to overhaul capitalism. He pleaded for banks, working with state money, not to work with tax havens. He criticised the excessive risks taken by traders and suggested creating sovereign wealth funds ( hedge funds ) in each EU country. He suggested that Europe should have its own credit rating agencies. Maintaining the goals of the energy/climate package : the Presidency rejected any idea that the world should do less to combat climate change because of the financial crisis. Roadmap for the Lisbon Treaty : stressing that Europe was in need of institutional reform, the Presidency expressed a desire to establish a road map to find a solution to the issue of the Irish ratification of the Treaty of Lisbon. The President of the Commission welcomed the common position reached at the European Council with a view to restoring the economic situation in times of crisis. On this issue, he outlined three areas: immediate action to address the financial crisis, reforming the international financial system and the promotion of the real economy. He said he had to make Europe a knowledge economy, investing in research and allowing more flexibility for national economic policies. The main political groups supported the outcome of the Summit. They did however express different analyses as regards the origin of the financial crisis: EPP : the Group's President congratulated the success of the French Presidency. He welcomed measures such as recommendations on regulation and surveillance, reform and an end to golden parachutes. He spoke in favour of a free market, but called for rules and regulations. He supported measures to preserve the European model of solidarity and "social market economy". Regarding the Lisbon Treaty, he called on the Member States that have not yet ratified the Treaty to do so as soon as possible. He also stressed the difficulty, for Europe to function efficiently, with the rule on unanimity and no stable Presidency. He praised the European Pact on immigration and cited other challenges to be overcome such as climate change, energy and defence. PES : the President of the Group was impressed by the recent resolute action of both President Sarkozy and Barroso. He called for the creation of new rules, especially for hedge funds. He deplored the lack of consideration by the Council for investors and taxpayers who will suffer the consequences of the crisis. Regarding the energy-climate package, he called for the development of a sustainable economy. ALDE : the leader thanked the group for calls to work together, but he questioned why the Council conclusions - for example, in the context of climate change - referred only to the Commission and the Council, without any mention of the Parliament. He stressed that some Member States were making behind-the-scenes attempts to "unpick" agreements on CO2 emission targets for new cars (2012) and emission sharing (2013). Underlining the negative consequences of the lack of market transparency, the Group's President welcomed the fact that coordinated measures had reduced the immediate pressure. He nevertheless regretted that the Summit did not succeed in developing effective plans for a surveillance regime. Greens : the representative of the Group stressed that all crises - ecological, financial, worldwide hunger - were interdependent, and must be tackled. He called for a review on the way we live and the way we manufacture and a European recovery plan. UEN : the Group's representative congratulated the European Council for the adoption of the immigration and asylum pact. However, she asked the Commission to make specific decisions to reassure the markets. Stressing the need for a new financial system, she called for the overhaul of global capitalism and further regulate free trade. She requested that the EIB play a greater role and that the ECB be more visible. GUE/NGL : the President of the group warned that the worst was still to come and that the further debate was necessary on the crisis. In order for Europe to be more accountable to its citizens, he called to introduce regulation and do away with golden handshakes. He expressed his wish for a “new Bretton Woods”. IND/DEM : according to the Group's president, President Sarkozy acted primarily as the French President rather than for the EU during his visit to Georgia. Regarding the financial crisis, he praised the response of the Irish and the Greeks. He criticized the fact that there are too many regulations which failed to protect investors. He highlighted the Swiss who have a certain adaptability to weather the financial crisis better than the EU States. Responses to MEPs : the question of the financial crisis, the President of the European Council stated that financial support to banks was intended to protect investors. He expressed the need to establish a minimum coordination of European regulators. Stressing the need for transparency, he criticized the U.S. accounting rules and the scandalous attitude of rating agencies in the crisis. On the climate and energy package, he called for the support of the European Parliament to reach an agreement within the codecision. He called for an ambitious compromise. Lastly, he said he would fight for the Lisbon process to go through. The President of the Commission stressed the need to address the immediate problems. Referring to the debt of the United States and the fundamental imbalances in the economy, he pointed out that financial regulation was present in Europe, but that monitoring mechanisms were essentially national. He estimated that the EU should consider adopting legislative measures in this sector. On the climate package, he asked not to confuse respect for co-decision with the need for a strong consensus among Member States. He stressed the importance of a strong leadership to build consensus in the European Council.
    • date: 2008-10-22T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=16266&l=en title: Results of vote in Parliament
    • date: 2008-10-22T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2008-506 title: T6-0506/2008 summary: The European Parliament adopted by 499 votes to 130 with 67 abstentions a resolution on the European Council of 15 and 16 October 2008. The resolution had been tabled for consideration in plenary by the EPP-ED, PES, ALDE, and UEN groups. The main points of this resolution are as follows: Macroeconomic impact of the global financial crisis on the real economy : Parliament strongly underlines the importance of European macroeconomic policies responding quickly and in a highly coordinated way in order to resuscitate global economic growth. It observes, however, that the principles of the Stability and Growth Pact must not be undermined. MEPs call for a further reinforcement of coordinated action in order to restore confidence to the markets. In this context, it welcomes the Presidency Conclusions' endorsement of the measures decided by the Eurogroup on 12 October 2008 as a first important and coordinated step to restore confidence in the markets, to boost inter-bank loans and to enhance banks" own funds so that they can continue to lend to companies and to households. It agrees that these measures were necessary to contain the current financial crisis. The resolution notes that this crisis has implications beyond the financial markets, in particular in respect of business viability, jobs, personal finance and SMEs. MEPs recall the paramount importance of ongoing access to credit for citizens and SMEs and of investments in EU infrastructure in order to avoid a dramatic downturn in economic growth and employment. Exit strategy from the financial crisis : Parliament is determined to support measures that can return liquidity to the markets so that credit facilities can be restored to businesses and individuals. It invites Member States to review the functioning of the current financial system if they are serious about their willingness to restore confidence in the financial markets and tackle the financial crisis globally. The resolution welcomes the rapid and comprehensive reaction by the Commission regarding application of State aid rules to measures taken in relation to financial institutions. Parliament appreciates the decision of the Commission to set up a high-level group in order to elaborate a supervisory architecture that is solid and sustainable, but strongly criticises the absence of Parliament from the “financial crisis unit”. Concerned about hazard in the financial markets created by the size of State support packages, MEPs considers it important that, in the interests of taxpayers and Member States" budgets, each time that public money is spent on rescuing a financial institution, it is accompanied by public oversight, improvements in governance, limitations on remuneration, strong accountability to public authorities and investment strategies for the real economy. Improving regulation : Parliament calls on the Council to act together with Parliament and calls on the Commission to use its power of initiative to propose measures to strengthen the EU regulatory and supervisory framework and crisis management at the EU regulatory level. Parliament reiterates its call for legislative measures regarding in particular bank regulation and supervision, the role of credit rating agencies, securitisation and oversight of securitisation, hedge funds and other types of new institution, the role of leverage, transparency requirements, winding-up rules, clearing of over-the-counter (OTC) markets and crisis prevention mechanisms. MEPs also reiterate the need to strengthen the Lamfalussy process, including the supervision of the largest cross-border financial groups by colleges and the provision of a clear legal status and stronger prerogatives for the Level-3 Committees, as a means to improve supervision in the EU and help international dialogue and policy coordination in this field. The resolution points out that a crisis transcending national jurisdictions cannot be tackled only individually by national authorities and that in cross-border crises cooperation and mutual trust between supervisory authorities are crucial. It welcomes the initiative of promoting as soon as possible an international conference to discuss the regulatory and supervisory actions that must be undertaken in response to the present crisis; is convinced that the EU must play a leading role in discussions of the future of the international financial architecture and asks the European Council and the Commission to associate the European Parliament in this process. The resolution addresses other issues examined at the European Council’s meeting: Lisbon Treaty : Parliament reiterates its respect for the result of the Irish referendum and for the results of the ratification procedures of the other Member States, and considers that it is possible to meet the concerns that have been expressed by the Irish people in order to secure a solution acceptable to all before the European elections. The European Council is asked to define at its next meeting a method and a timetable which would allow it to achieve this result. Energy and climate change : MEPs hold the view that the EU's post-2012 climate targets should not be questioned as a consequence of the present international financial crisis. They undertake to cooperate closely with the Council and Commission to find an effective and workable agreement on the climate change and energy package in the shortest practicable time. They call on the Council to maintain the proposed ambitious targets of achieving a mandatory 20% share of sustainable renewable energies in the Community's overall final energy consumption and a mandatory 10% share of energy from sustainable renewable sources in each Member State's transport sector by 2020. Energy security : Parliament calls for strong political commitment to moving to a low-carbon EU economy, along with increased use of indigenous sources, decentralised energy production and energy saving measures to promote renewables, energy efficiency and other low-carbon energy sources. It points out that security of energy supply is a priority for the European Union and invites Member States to speed up the implementation of energy-efficiency policies and existing legislation. It considers a fully operational internal market paramount for supply security. Immigration and asylum : Parliament welcomes the initiative of the French Presidency on the European Pact on Immigration and Asylum in so far as it promotes a coherent and balanced approach to migration in its twofold objectives of providing legal channels of migration while at the same time tackling illegal migration. MEPs believe that a common immigration policy should be based on the assumption that migrants are individual members of society and potential citizens; takes the view that, in addition, Member States should try to put in place clear, effective policies for social inclusion and integration. The Pact needs to be accompanied by concrete legislative proposals. Conflicts in the Caucasus : Parliament takes the view that there cannot be a military solution to the conflicts in the Caucasus and firmly condemns of all those who resorted to force and violence in order to change the situation in the Georgian breakaway territories of South Ossetia and Abkhazia. It recalls the disproportionate military action by Russia in Georgia in early August 2008 and asks it to respect the sovereignty and territorial integrity of Georgia and the inviolability of its borders as recognised by all EU Member States.
    • date: 2008-10-22T00:00:00 type: End of procedure in Parliament body: EP
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    In the presence of French President Nicolas Sarkozy, MEPs commented on the outcome of the EU summit held on 15 and 16 October 2008, and discussed how to tackle world crises.

    The President of the European Parliament congratulated the European Union, under French Presidency, for having shown its ability to act in response to the financial crisis and that the European Council, in close consultation with the European Commission and European Parliament, had ensured that the EU has emerged as a key player to effectively meet the challenges of the global economy.

    The President of the European Council highlighted the unified force of the EU as regards crisis management, saying he wanted to involve the European Parliament at all stages. He also commented on the following issues:

    Georgia: the EU responded quickly to the Russian reaction to the Georgian conflict. Negotiations have prevented a new Cold War from breaking out.

    Financial crisis: Member States have agreed to inject at EUR 1.800 billion to reassure investors and entrepreneurs in Europe.

    Reform of the financial system: in order to prevent such a crisis from recurring, the French President announced his intention, on behalf of the European Union, to create a new global financial system or a new “Bretton Woods”, the aim being to overhaul capitalism. He pleaded for banks, working with state money, not to work with tax havens. He criticised the excessive risks taken by traders and suggested creating sovereign wealth funds (hedge funds) in each EU country. He suggested that Europe should have its own credit rating agencies.

    Maintaining the goals of the energy/climate package: the Presidency rejected any idea that the world should do less to combat climate change because of the financial crisis.

    Roadmap for the Lisbon Treaty: stressing that Europe was in need of institutional reform, the Presidency expressed a desire to establish a road map to find a solution to the issue of the Irish ratification of the Treaty of Lisbon.

    The President of the Commission welcomed the common position reached at the European Council with a view to restoring the economic situation in times of crisis. On this issue, he outlined three areas: immediate action to address the financial crisis, reforming the international financial system and the promotion of the real economy. He said he had to make Europe a knowledge economy, investing in research and allowing more flexibility for national economic policies.

    The main political groups supported the outcome of the Summit. They did however express different analyses as regards the origin of the financial crisis:

    • EPP: the Group's President congratulated the success of the French Presidency. He welcomed measures such as recommendations on regulation and surveillance, reform and an end to golden parachutes. He spoke in favour of a free market, but called for rules and regulations. He supported measures to preserve the European model of solidarity and "social market economy". Regarding the Lisbon Treaty, he called on the Member States that have not yet ratified the Treaty to do so as soon as possible. He also stressed the difficulty, for Europe to function efficiently, with the rule on unanimity and no stable Presidency. He praised the European Pact on immigration and cited other challenges to be overcome such as climate change, energy and defence.
    • PES: the President of the Group was impressed by the recent resolute action of both President Sarkozy and Barroso. He called for the creation of new rules, especially for hedge funds. He deplored the lack of consideration by the Council for investors and taxpayers who will suffer the consequences of the crisis. Regarding the energy-climate package, he called for the development of a sustainable economy.
    • ALDE: the leader thanked the group for calls to work together, but he questioned why the Council conclusions - for example, in the context of climate change - referred only to the Commission and the Council, without any mention of the Parliament. He stressed that some Member States were making behind-the-scenes attempts to "unpick" agreements on CO2 emission targets for new cars (2012) and emission sharing (2013). Underlining the negative consequences of the lack of market transparency, the Group's President welcomed the fact that coordinated measures had reduced the immediate pressure. He nevertheless regretted that the Summit did not succeed in developing effective plans for a surveillance regime.
    • Greens: the representative of the Group stressed that all crises - ecological, financial, worldwide hunger - were interdependent, and must be tackled. He called for a review on the way we live and the way we manufacture and a European recovery plan.
    • UEN: the Group's representative congratulated the European Council for the adoption of the immigration and asylum pact. However, she asked the Commission to make specific decisions to reassure the markets. Stressing the need for a new financial system, she called for the overhaul of global capitalism and further regulate free trade. She requested that the EIB play a greater role and that the ECB be more visible.
    • GUE/NGL: the President of the group warned that the worst was still to come and that the further debate was necessary on the crisis. In order for Europe to be more accountable to its citizens, he called to introduce regulation and do away with golden handshakes. He expressed his wish for a “new Bretton Woods”.  
    • IND/DEM: according to the Group's president, President Sarkozy acted primarily as the French President rather than for the EU during his visit to Georgia. Regarding the financial crisis, he praised the response of the Irish and the Greeks. He criticized the fact that there are too many regulations which failed to protect investors. He highlighted the Swiss who have a certain adaptability to weather the financial crisis better than the EU States.

    Responses to MEPs: the question of the financial crisis, the President of the European Council stated that financial support to banks was intended to protect investors. He expressed the need to establish a minimum coordination of European regulators. Stressing the need for transparency, he criticized the U.S. accounting rules and the scandalous attitude of rating agencies in the crisis.

    On the climate and energy package, he called for the support of the European Parliament to reach an agreement within the codecision. He called for an ambitious compromise. Lastly, he said he would fight for the Lisbon process to go through.

    The President of the Commission stressed the need to address the immediate problems. Referring to the debt of the United States and the fundamental imbalances in the economy, he pointed out that financial regulation was present in Europe, but that monitoring mechanisms were essentially national. He estimated that the EU should consider adopting legislative measures in this sector.

    On the climate package, he asked not to confuse respect for co-decision with the need for a strong consensus among Member States. He stressed the importance of a strong leadership to build consensus in the European Council.

    New

    In the presence of French President Nicolas Sarkozy, MEPs commented on the outcome of the EU summit held on 15 and 16 October 2008, and discussed how to tackle world crises.

    The President of the European Parliament congratulated the European Union, under French Presidency, for having shown its ability to act in response to the financial crisis and that the European Council, in close consultation with the European Commission and European Parliament, had ensured that the EU has emerged as a key player to effectively meet the challenges of the global economy.

    The President of the European Council highlighted the unified force of the EU as regards crisis management, saying he wanted to involve the European Parliament at all stages. He also commented on the following issues:

    Georgia: the EU responded quickly to the Russian reaction to the Georgian conflict. Negotiations have prevented a new Cold War from breaking out.

    Financial crisis: Member States have agreed to inject at EUR 1.800 billion to reassure investors and entrepreneurs in Europe.

    Reform of the financial system: in order to prevent such a crisis from recurring, the French President announced his intention, on behalf of the European Union, to create a new global financial system or a new “Bretton Woods”, the aim being to overhaul capitalism. He pleaded for banks, working with state money, not to work with tax havens. He criticised the excessive risks taken by traders and suggested creating sovereign wealth funds (hedge funds) in each EU country. He suggested that Europe should have its own credit rating agencies.

    Maintaining the goals of the energy/climate package: the Presidency rejected any idea that the world should do less to combat climate change because of the financial crisis.

    Roadmap for the Lisbon Treaty: stressing that Europe was in need of institutional reform, the Presidency expressed a desire to establish a road map to find a solution to the issue of the Irish ratification of the Treaty of Lisbon.

    The President of the Commission welcomed the common position reached at the European Council with a view to restoring the economic situation in times of crisis. On this issue, he outlined three areas: immediate action to address the financial crisis, reforming the international financial system and the promotion of the real economy. He said he had to make Europe a knowledge economy, investing in research and allowing more flexibility for national economic policies.

    The main political groups supported the outcome of the Summit. They did however express different analyses as regards the origin of the financial crisis:

    • EPP: the Group's President congratulated the success of the French Presidency. He welcomed measures such as recommendations on regulation and surveillance, reform and an end to golden parachutes. He spoke in favour of a free market, but called for rules and regulations. He supported measures to preserve the European model of solidarity and "social market economy". Regarding the Lisbon Treaty, he called on the Member States that have not yet ratified the Treaty to do so as soon as possible. He also stressed the difficulty, for Europe to function efficiently, with the rule on unanimity and no stable Presidency. He praised the European Pact on immigration and cited other challenges to be overcome such as climate change, energy and defence.
    • PES: the President of the Group was impressed by the recent resolute action of both President Sarkozy and Barroso. He called for the creation of new rules, especially for hedge funds. He deplored the lack of consideration by the Council for investors and taxpayers who will suffer the consequences of the crisis. Regarding the energy-climate package, he called for the development of a sustainable economy.
    • ALDE: the leader thanked the group for calls to work together, but he questioned why the Council conclusions - for example, in the context of climate change - referred only to the Commission and the Council, without any mention of the Parliament. He stressed that some Member States were making behind-the-scenes attempts to "unpick" agreements on CO2 emission targets for new cars (2012) and emission sharing (2013). Underlining the negative consequences of the lack of market transparency, the Group's President welcomed the fact that coordinated measures had reduced the immediate pressure. He nevertheless regretted that the Summit did not succeed in developing effective plans for a surveillance regime.
    • Greens: the representative of the Group stressed that all crises - ecological, financial, worldwide hunger - were interdependent, and must be tackled. He called for a review on the way we live and the way we manufacture and a European recovery plan.
    • UEN: the Group's representative congratulated the European Council for the adoption of the immigration and asylum pact. However, she asked the Commission to make specific decisions to reassure the markets. Stressing the need for a new financial system, she called for the overhaul of global capitalism and further regulate free trade. She requested that the EIB play a greater role and that the ECB be more visible.
    • GUE/NGL: the President of the group warned that the worst was still to come and that the further debate was necessary on the crisis. In order for Europe to be more accountable to its citizens, he called to introduce regulation and do away with golden handshakes. He expressed his wish for a “new Bretton Woods”.  
    • IND/DEM: according to the Group's president, President Sarkozy acted primarily as the French President rather than for the EU during his visit to Georgia. Regarding the financial crisis, he praised the response of the Irish and the Greeks. He criticized the fact that there are too many regulations which failed to protect investors. He highlighted the Swiss who have a certain adaptability to weather the financial crisis better than the EU States.

    Responses to MEPs: the question of the financial crisis, the President of the European Council stated that financial support to banks was intended to protect investors. He expressed the need to establish a minimum coordination of European regulators. Stressing the need for transparency, he criticized the U.S. accounting rules and the scandalous attitude of rating agencies in the crisis.

    On the climate and energy package, he called for the support of the European Parliament to reach an agreement within the codecision. He called for an ambitious compromise. Lastly, he said he would fight for the Lisbon process to go through.

    The President of the Commission stressed the need to address the immediate problems. Referring to the debt of the United States and the fundamental imbalances in the economy, he pointed out that financial regulation was present in Europe, but that monitoring mechanisms were essentially national. He estimated that the EU should consider adopting legislative measures in this sector.

    On the climate package, he asked not to confuse respect for co-decision with the need for a strong consensus among Member States. He stressed the importance of a strong leadership to build consensus in the European Council.

    procedure/subject/0
    Old
    8.40.14 European councils
    New
    8.40.14 European Council meetings
    procedure/summary
    • See also
    procedure/title
    Old
    Resolution on the European Council of 15 and 16 October 2008
    New
    Resolution on the European Council of 15-16 October 2008
    activities
    • date: 2008-10-21T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20081021&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
    • date: 2008-10-22T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=16266&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2008-506 type: Decision by Parliament, 1st reading/single reading title: T6-0506/2008 body: EP type: Results of vote in Parliament
    committees
      links
      other
      • body: EC dg: url: http://ec.europa.eu/dgs/secretariat_general/index_en.htm title: Secretariat General commissioner: BARROSO José Manuel
      procedure
      reference
      2008/2523(RSP)
      title
      Resolution on the European Council of 15 and 16 October 2008
      legal_basis
      Rules of Procedure of the European Parliament EP 123-p2
      stage_reached
      Procedure completed
      subtype
      Resolution on statements
      type
      RSP - Resolutions on topical subjects
      subject
      8.40.14 European councils