Europe will stand or fall together in its response to reform of financial markets - MEP Watson

3.03.00pm GMT Wed 4th Mar 2009

Responding to the European Commission's communication on financial market reform and its endorsement of the recommendations of the de Larosière report, Graham Watson MEP, Leader of the Alliance of Liberals and Democrats in the European Parliament welcomed the measures announced but considered that they should have been tabled six months ago rather than at the tail end of the parliamentary legislature with markets in free fall and banks running out of capital.

"If there were ever a need for a unified response from the Member States to an international crisis, it is this. The very credibility of the EU to demonstrate its value to citizens in such times of financial and economic meltdown is at stake. We will stand or fall together in our response to the reforms to the financial system."

"Proposals for closer financial supervision, at both macro and micro level, of the financial services sector - particularly in the fields of banking, securities and insurance - plus better monitoring of systemic risks are clearly urgently needed.

The legislative proposals cannot come soon enough. As it is we are shutting the stable door after the horse has bolted and Parliament will not be able to take a position much before the end of the year."