Wolf Klinz on EP special committee to tackle the financial crisis

The European Parliament is about to set up a special committee to examine ways to avoid a future economic crisis. Ahead of the vote approving the committee, its future chair, Wolf Klinz, a German member of the Alliance of Liberals and Democrats, explained the committee's aims and how it plans to tackle the financial crisis.

Parliament's political group leaders have decided to set up a special committee on the financial and economic crisis. Why now and why is it necessary?

This committee should have been set up in Autumn 2008 after the Lehman collapse, when the full scope of the crisis became visible. But given the short time left to the legislature (which ran until June 2009) the decision to set up this special committee only took place after the elections in July.

The special committee is non-legislative in nature and will focus on establishing a roadmap for the future, discussing possible new structures for financial markets and its participants, evaluating the application of relevant Community legislation and the coordination of action by Member States.

What will its remit be?

The CRIS-Committee will develop policy recommendations in all relevant areas to prevent future crises. To this end, the committee will conduct an in-depth analysis and evaluate the recent crisis and its impact on the EU and its Member States.

The committee will outline the action necessary to rebuild sound and sustainable financial markets, supporting growth and employment and preventing the socialisation of losses in the future.

The aim of the special committee is to develop a holistic approach that will enable it to give decisive recommendations. The solutions proposed will underline the need for concerted global action.

What's next?

The European Parliament will vote on the committee in plenary on Thursday 8 October, and we will have the constituent meeting on 15 October. After that our regular committee work will start with hearings, workshops and discussions.