Edward Scicluna draws EU and G20 leaders’
attention to Global Economic Governance Report
Addressing the European Parliament (EP) Plenary in Strasbourg on Monday, October 24, 2011, Labour MEP Professor Edward Scicluna drew the attention of the European leaders at the EU Summit and the world leaders at the G20 Summit to “the many intelligent and balanced proposals in the Hokmark Report” on global economic governance.
Swedish MEP Gunnar Hokmark (EPP) is the EP Rapporteur on Global Economic Governance. Prof. Edward Scicluna was the appointed Shadow Rapporteur on the Report for the Socialists and Democrats Group (S&D).
Full speech by Prof Scicluna follows:
Mr President,
At a time when both European and world economy is facing an uncertain and painful future, this report is particularly timely. In the midst of an EU summit on the future of the eurozone followed by the next G20 summit the many intelligent and balanced proposals in the Hokmark Report deserve the attention of world leaders at these summits.
What do we want from a revamped global governance? We need consistency and cooperation between countries in driving an economic recovery, improving financial regulation and achieving trade agreements. Both the G20 and the IMF, as two of the most important institutions, need to change if they are to be effective governing structures.
The IMF itself needs a reform such that the BRIC economies are deservingly given a voice which reflects today’s realities. As for the G20 which today stands as a useful high level talking shop, it definitely needs a legal basis to make its decisions binding. It also needs a permanent secretariat.
The suggested recommendations regarding the global financial operators are also important. It is time that the required global measures to ring-fence retail banking from investment arms are agreed and carried out.
The global economy, particularly the western world, is going through a difficult period – a crisis of confidence. It is important that the global institutions are fit for purpose in an age where our economies are so closely interlinked.
Thank you very much.

Edward Scicluna jigbed l-attenzjoni tal-Mexxejja tal-EU u G20
dwar ir-Rapport Governanza Ekonomika Globali
L-Ewroparlamentari Laburista l-Professur Edward Scicluna gibed l-attenzjoni tal-mexxejja tal-Unjoni Ewropea u tal-mexxejja tal-pajjizi membri tal-G20 ghal hafna proposti intelligenti u bilancjati li jinkludi r-Rapport Hokmark dwar il-governanza ekonomika globali.
Prof. Scicluna ghamel dan meta nhar it-Tnejn, 24 ta’ Ottubru, 2011, kien qed jindirizza s-Sessjoni Plenarja tal-Parlament Ewropew (PE) fi Strasbourg.
Ir-Rapport Governanza Ekonomika Globali thejja mill-Ewroparlamentari Svediz, Gunnar Hokmark (EPP). Prof. Scicluna kien appuntat mill-Grupp tas-Socjalisti u d-Demokratici (S&D) bhala Shadow Rapporteur f’isem il-Grupp fuq dan ir-Rapport.
L-intervent shih ta’ Prof. Scicluna fil-Plenarja huwa dan li gej:
Sur President,
Fi zmien meta l-ekonomija Ewropea u dik globali qeghdin jiffaccjaw futur incert u difficli, dan ir-rapport huwa partikolarment f’waqtu. Waqt zewg summits, dak tal-Unjoni fuq il-futur taz-Zona Ewro, u dak ta’ wara, tal-G20, il-proposti fir-Rapport Hokmark huma intelligenti u bbilancjati u jisthoqqilhom l-attenzjoni tal-mexxejja globali f’dawn is-summits.
X’ahna nistennew minn tibdil fil-governanza globali? Ghandna bzonn konsistenza u koperazzjoni bejn il-pajjizi biex tirkupra l-ekonomija, ikollna regoli finanzjarji ahjar u ftehim fil-kummerc internazzjonali. Sew il-G20 u l-IMF, bhala zewg istituzzjonijiet ewlenin, ghandu jsirilhom tibdil biex l-istrutturi ta’ governanza jsiru effettivi.
L-IMF trid riformi sabiex l-ekonomiji BRIC ikollhom l-vuci li tisthoqqilhom fir-realtajiet tal-lum. Rigward il-G20, li llum isservi ta’ ‘talking show’ utili, ghandha bzonn bazi legali biex id-decizjonijiet taghha jkunu jorbtu.
Ir-rakkomandazzjonijiet rigward operaturi finanzjarji globali huma wkoll importanti. Wasal iz-zmien li l-mizuri biex jinfirdu l-parti bankarja tradizzjonali minn dik tal-investiment, jitwettqu.
L-ekonomija globali, partikolarment fil-parti tal-Punent, ghaddejja minn zminijiet difficli, b’nuqqas ta’ fiducja fiha nnifisha. Huwa krucjali li l-istituzzjonijiet globali jkunu adattati ghaz-zminijiet tal-lum meta l-ekonomiji taghna tant jiddependu minn xulxin.
Grazzi hafna.