Speeches

Madam President, Last Thursday was undoubtedly a good day for our European Union, for our European security and, of course, for Ukraine. Europe is firmly on Ukraine's side, and we will not let this dissuade us. It was a bad day, and the big losers of the last few days are Viktor Orbán, who did not make it, even though he inflated his cheeks to achieve anything of his demands. It has been a bad day for Vladimir Putin because Vladimir Putin has been waiting for Europe to fly apart on this issue. Why did it all work out? It worked because it acted with determination and because political and economic pressure – I would say for the first time in a long time – was put on Viktor Orbán. We should continue and not let up. But with the same determination as we have taken against Viktor Orbán's power games, I would have liked us to be flagged in other areas of the budget as well. We didn't do that. We are cutting research and health, rather than spending more money on investments. You can't be serious, Heads of State and Government. This needs to be improved, and we, as Parliament, will do everything we can to achieve this.

Madam President, The frustration has been felt in recent weeks, and also in my homeland, in Schleswig-Holstein, many farmers have taken to the streets or have paralyzed our country a bit with tractors and breathed their anger. I have a great deal of understanding for this, because a lot of things don't work in agriculture. But contrary to what the political right here in the House claims, it is not the Green Deal that is to blame, but the problems go deeper. The problems are an agricultural policy, which in Germany, Mr Lins, is responsible for the CDU/CSU in 31 out of 40 years and not Greens, Social Democrats or others. The problems also lie, for example, in the unfair distribution, where a few large corporations make massive cash and profits and many small farmers run out of money and remain seated on the costs and on bureaucracy. That is why we need a different agricultural policy. We need an EU funding policy that promotes quality, promotes public tasks and does not just go by mass. This is what agriculture is all about. And I want to say a few words about the right-wing extremists and Mrs Anderson here in the house: It is really unbearable that, on the one hand, you always stand for the abolition of EU subsidies and, on the other hand, act here as if they are opening their mouths to farmers. They don't. At least be honest.

Mr President! Two days ago, former U.S. President Donald Trump won the first primary of the U.S. Republicans in Iowa. And the bitter truth is that he could possibly be U.S. president again in a year. And we have to prepare for that, and we don't. The preparation also includes an EU budget that is able to act and with which we can invest. According to the Commission, we need 620 billion euros of additional investment to make our economy competitive and climate-friendly. What we have, however, is a household whistling out of the last hole. Olaf Scholz, Emmanuel Macron and, unfortunately, Donald Tusk are not yet ready to spend just a single cent more on investments. Europe's response to the Inflation Reduction Act Goes to air booking. And yes, on the other hand, Donald Trump's best friend in the European Union, Viktor Orbán, is dancing with joy on the table. And that is why, in order to protect our democracy and the rule of law, we are complaining as an EU Parliament. And we must further isolate Orbán in other steps. He is isolated in the Council. You don't have to support him, you have to show a clear edge. This is what we expect from the European Commission.

Madam President, The heads of government are facing dramatic decisions in the coming days, and that is precisely why we Greens are wondering how sleepy some are going to this Council summit. The heads of state and government do not just decide on a few billion more or less, but they decide whether Ukraine still has a chance to survive in the war against Russia. And they decide whether they are willing to invest in our business location and make our infrastructure climate-friendly. The US, China and other parts of the world are investing heavily in their infrastructure and industry. And what does Europe do? We are arguing over a few billion and risking our prosperity through this short-sighted policy. Half the world laughs at us. It is anti-future that the Chancellor lacks foresight and wants to enforce massive cuts to the proposal of the EU Commission. But the elephant in the room is once again Viktor Orbán. It is wrong to approve the funds to him in advance obedience, there are other variants. Withdraw Viktor Orbán's right to vote and make sure that the Council Summit is a success! The European Parliament is ready for negotiations. Now the heads of state and government must take responsibility.

Madam President, How can it be that the bookstore pays a higher tax rate than Amazon? Why do we allow super-rich multimillionaires in most European countries to pay a much smaller share of their high wealth than normal earners? The richer, the lower the tax rate. This is nonsensical and unjust. Since the COVID pandemic, wealth inequality has increased, while massive poverty and excessive wealth are increasing at the same time. The largest corporations make high profits, and a majority of people suffer from high prices. Energy bills, rent or food – life has become priceless for many. No wonder people are frustrated and turning away from our democracy. The key to a fairer society is tax policy. Small incomes are more relieved, super-rich, excessive profits and financial speculation must finally be taxed fairly. It is scandalous that a majority here in the house of conservatives, liberals and right-wingers protects the interests of the super-rich and big corporations. A policy that protects the super-rich is detrimental to our society. Instead of redistributing crisis costs, they are calling for cuts to the poorest and infrastructure. In Germany they want to impose cuts in citizen money, in Italy they cut hundreds of thousands of social assistance and prevent a minimum wage, and in the European Parliament they try to enforce anti-investment debt rules, which mainly affect people with small incomes. This de-solidarization must not succeed. It's our decision. We are fighting for a Europe for all rather than for few.

Mr President! “We will take action against Putin’s accomplices, and we will take action against all those who help Russia circumvent sanctions or replenish its war arsenal.” With this very strong promise, Commission President Ursula von der Leyen has launched the fight against Russia’s accomplices in the European Union. The Cyprus Confidential research shows that, unfortunately, there are far too few deeds behind these words: One hundred sanctioned Russians do business in Cyprus undisturbed. Russian money continues to flow into the European Union in large quantities via Cyprus. Cyprus has been the gateway to Russian money for many years. And despite full-bodied announcements, including from Cypriot governments, it has not yet been possible to break with this practice. We must take decisive action against money laundering and against the circumvention of sanctions. We need clear rules on the disclosure of oligarchic assets, such as luxury yachts, paintings or private jets. It is unacceptable that Member States are currently blocking more transparency in the negotiations on the money laundering package, thus making it easier for oligarchs to hide their assets in the European Union as well. We need to focus more on the role of audit firms such as PricewaterhouseCoopers; They don't play a good role. They help Russian oligarchs hide their assets in the European Union. And it is now time for the European Commission to act – in case of emergency also against Cyprus, because those who circumvent sanctions must expect to be sanctioned themselves.

Mr President! 250 million more for humanitarian aid at a time when we can use every penny for it. EUR 60 million more so that young people from low-income families and regions can also participate in the Erasmus programme. And 20 million euros more for our nature and biodiversity. The budget shows whether you are serious about Sunday speeches. During this year's budget negotiations, we MEPs were once again confronted with irresponsible cuts from the Council. We have managed to fend off these cuts and jointly enforce strong political priorities. We are strengthening civil society programmes such as the Rights and Values programme or the Creative Europe cultural programme. We are strengthening the European Public Prosecutor’s Office to take decisive action against corruption and fraud. We are reducing the inefficient ITER merger programme and taking advantage of the room for manoeuvre created by more efficient management. The budget negotiations were worth it. It has also become possible for us to stand together again, and for that I would like to thank our two rapporteurs, Siegfried Mureșan and Nils Ušakovs. Thank you for the good cooperation! We Greens are therefore very, very happy to agree with the budget tomorrow. But, the household remains sewn on edge. The only way out is to revise the multiannual financial framework. The EU needs to be given more flexibility to respond to crises and to invest in our future. The Federal Constitutional Court's ruling on the German federal budget will make these negotiations even more difficult in the coming weeks. That's why our appeal goes to Berlin: We need a policy that enables future investments and does not lead to companies migrating and people becoming unemployed. We will fight for this together – here in Parliament, I am sure. The next few weeks will be exciting, and I continue to count on good cooperation here in this House.

Mr President! I do not know how you are doing, ladies and gentlemen, I am still shocked by the brutality with which Palestinian terrorists attacked Israel about a week ago. The Greens condemn Hamas’ horrific terror – our solidarity belongs to the State of Israel and to all people suffering from the Hamas terrorist organisation. Against this background, I will not give an ordinary budget speech today. Every year many rituals are repeated here, and of course it remains important to fight for a strong budget. I want to talk about the fact that there is war in Israel and that our Jewish friends must always be afraid of becoming victims of anti-Semitic violence. It is unbearable when people also celebrate the brutal terror of Hamas on German streets, for example. And it runs freezing down my back when I read that in the meantime stars of David are lubricated on German house walls again. Israel’s right to exist and its right to defence are non-negotiable and the EU must do everything it can to stop anti-Semitism, not only from our historical but also from our political responsibilities. This is where the budget comes into play again. Because we must insist that not only are funds simply not paid to Hamas, but that we also review further funds within the framework of the annual budget and take a very close look at where financial flows are actually going in these years and months in Israel and the Palestinian territories. That is why it is important that we have launched a joint motion for this for tomorrow. We shouldn't be making quick political shots here. We should not engage in actionism. Together, we should think carefully about how we will continue to deal with this issue.

Madam President, thank you so much. Tomorrow we will vote on our mandate for the so-called STEP regulation. A year ago, we collectively realised that it was high time to gear up our European industrial policy. Commission President von der Leyen came with a strong announcement about a huge sovereignty fund. Nobody is waiting for us in the global race about building up a green industry and in the race about a competition, about where the big companies will be. Both the US and China are speeding up – the Inflation Reduction Act is highly attractive for European companies moving their production to the US and China learned a lesson and is already, for example, dominating the market for solar production. Now it’s time for Europe to wake up. We welcome the STEP proposal as a starting point for industrial investments, but because of limited resources, STEP should be concentrated on key sectors like net-zero and green technologies. We should not take money out of cohesion policy to provide funding for big industry, and we also need to have in mind the risk of fragmentation stemming from State aid rules’ relaxation. That is why STEP should pave the way for European regions not benefiting of relaxed State aid rules. We need to avoid that some big countries have the possibility to transform their industry, while others will be left behind. The European project once had been built out of coal and steel. Now it’s time to take the next step. Now it’s time to build it out of green industry. That’s what we as Greens are fighting for, and we ask you also to support our amendments in the vote tomorrow.

Mr President! Gay men are beaten up in the streets, trans people have to fear for their lives, and many young LGBTI people do not dare to live self-determined lives for fear of exclusion and bullying. This is all part of everyday life for queer people in 2023. Violence against queer people is on the rise. In Germany, the number of anti-queer crimes has doubled in recent years. This is not an exception, but unfortunately the sad rule in the European Union. It's people like 15-year-old Transmann Ian, who doesn't dare to leave the classroom during the school break due to fear of right-wing extremist classmates in Saxony. They are people like 21-year-old Enrico, who kissed his partner on the street and was then knocked unconscious. All this is no coincidence. It is the result of right-wing incitement, which unfortunately also right-wing extremist Members spread here in this House again and again. For example, if you dehumanize LGBTI people like the AfD politician Mr. Krah or permanently insult queer people for polemical reasons, then you create a rhetorical environment for violence. This must be stopped! We need to show solidarity with queer people. I'm glad that a majority here in the House... (The President withdrew the floor from the speaker.)

Mr President! Why has everything become so expensive? I can't afford a kebab anymore. We are at the end of the month, how should I still pay for my energy costs and food? A few days ago, I spoke with young people about their concerns for the future together with our Green Youth Organisation in Wiesbaden. Yes, I have to say that the young people are right: While everything is getting more and more expensive, millions of people are actually suffering from income losses. Conservatives now claim that the European Central Bank with high interest rates can cause prices to fall. However, we say and know that this is currently wrong. The European Central Bank does not have the right tools for this. It cannot ensure that the doner becomes cheaper again or that energy prices become more stable again. It is a scandal that large food companies have been able to exploit their market power and double their profits in recent years. Their excess profits and higher energy prices make food more expensive. The damage caused by the ECB's interest rate policy is greater than its effect on price levels. We don't have too much demand, so there's no point in curbing demand. Instead, we must massively expand renewable energies and significantly reduce our dependence on fossil energy from states such as Qatar or Russia. However, the costs of expanding renewable energies are being massively increased by the ECB's current interest rate policy. Mrs Lagarde, you are wrong about your interest rate policy, now it is time for a change of course.

Madam President, Floods and fires destroying large parts of Europe, wars and global crises, bridges collapsing, schools affected by asbestos and a rail network so dilapidated that in many Member States it is necessary to plan for at least one to two hours of delays. In order to meet the climate targets and guarantee modern infrastructure in Europe alone, we need 620 billion euros of investment annually, according to the EU Commission. Our future is European and we need to organise it now. In Sunday speeches, everyone usually agrees on this: The EU needs to be strengthened so that we all have a good future, we build climate-friendly infrastructure and our prosperity is strengthened. But when it becomes concrete, the European Parliament is usually alone. That's how it threatens to be this time. Unfortunately, in the upcoming revision of the financial framework, we are not negotiating what would be needed, we are talking about what is possible. We need the 50 billion Ukraine facility to deliver on our promise to help Ukraine rebuild and give it a path to the European Union. We need more investment in European innovation and more flexibility to respond to global crises or natural disasters. We need a solution to the exploding interest costs so that youth exchange programmes, environmental programmes or democracy projects are not cut in the next step. Unfortunately, the Council is not yet ready to do so. I must also say quite frankly, Mr Minister, what you said today on the timetable alone was more than disappointing. Do your homework, put the multiannual financial framework on the agenda of the next Council summit or at the latest in November at a special summit so that we can decide in a timely manner.

Madam President, Madam President of the Commission! I am concerned about the future of Europe. I am worried because right-wing radicals and anti-Europeans are gaining influence in many Member States and unfortunately it seems possible again here in the House that they will become part of majorities. And in these times, it is important that you, as President of the Commission, do not duck away from this question, but that you show an attitude. Because a lot has slipped. Many people have existential fears. Rents, fossil energy prices and high food prices: The majority of people suffer from income losses and high prices. Poor despite work has become the reality of many millions of Europeans. The answer is not less climate protection, but a social policy for all people. The EU must provide people with social security. That is why, for example, we should make the EU Minimum Wage Directive binding, so that, for example, the German minimum wage rises to just under 14 euros in a first step. We must make the award of subsidies dependent on whether companies offer fair jobs or not. And we need an infrastructure offensive to keep our ailing infrastructure from rotting. They had set up a sovereign fund. Unfortunately, this has become nothing. We would like you to become more courageous again and to focus more strongly on U.S. President Biden and the Inflation Reduction Act orientate.

Mr President! There must finally be an end to tax tricks and profit shifts by large corporations. As a result, billions are lost to the EU. We need minimum tax rates for multinationals and more transparency. The OECD minimum tax for multinationals is now an important step. Without transparency, everything is nothing. We need to know how much tax companies pay in different countries, and country-by-country reporting is a crucial tool for this. This is why the introduction of country-by-country reporting on tax data is so important. We need more transparency, not less. It is, frankly, a rather big problem and perhaps even a small scandal that you as the EU Commission want to slow down the ambitious Member States. We should be happy if Member States want to move forward in order to achieve tax transparency. Commissioner, you have turned a wrong turn on this question, and it is therefore good that you have to face the debate today in Parliament under pressure from the Greens and many other groups. However, it would be even better if you were to work for more exchanges, including with the involvement of Parliament. That must be the goal.

Madam President, For the first time in 25 years, extreme poverty and extreme wealth have increased simultaneously. For more and more Europeans, at the end of the month there is not enough to pay all the bills. On the other hand, the richest percent is getting richer. 81% of last year's wealth gains went to the wealthiest in our country. The rich are getting richer, and the hard-working population is slipping. What should the postman, the educator or the construction worker think, to whom inflation eats up their salary and who suffers from too low wages? The extremely high costs for one are the profits of the other. 95 food and energy companies doubled their crisis profits last year. This is not only unjust, it is economically nonsensical, and it is a danger to our democracy. That is why we must act. High wealth, financial speculation and excess profits must be taxed more heavily. Small incomes need to be relieved, and we need to invest significantly more in public infrastructure, such as healthcare or education. It's time.

Madam President, Finally, there are climate targets for shipping. This is good news, because the growing sector needs to do much more to meet its climate targets. The FuelEU Maritime Regulation is an entry point to make shipping greener. For the first time, we are formulating binding targets to make shipping emission-free, and we are creating binding expansion targets for renewable fuels. This is not only good for the climate, but also gives the industry a commitment to plan and invest. This is a huge opportunity for our maritime industry: Ships will soon no longer be built where production is cheapest, but where the most innovative propulsion systems are created. The emission-free ships of the future will be built in Sweden, in France or at my home in northern Germany. Well-paid industrial jobs are created locally. But this regulation can only be an entry point. Unfortunately, too many lobby groups have succeeded in formulating exceptions for small ships or ferry traffic to islands into the law. The target of minus 80% greenhouse gas emissions by 2050 is not enough. We need 100%! We will continue to fight for the Greens.

Madam President, 11.9 million documents, 29 000 accounts, 330 politicians, but also many businessmen and celebrities such as Elton John or the coach of Real Madrid, Ancelotti. This is the biggest research on tax evasion and avoidance. And it is thanks to the courage of journalists that this fraud - fortunately, I will add - has been discovered. Now is the time for consequences. The business model of tax havens must be destroyed by minimum tax rates, for example on capital gains. Changes from tax administrations to consulting agencies need to be more controlled. That's why we need sharper cooling-off times. The power of large consultancies such as PricewaterhouseCoopers, EY, Deloitte or even KPMG must be limited. We evade taxes, commit a crime against our society. Tax evasion is not a cavalier offence. Small people cannot afford tax evasion; It is the great, the super-rich who do not participate in our society. It is time for us to act.

Madam President, Europe is a continent full of opportunities. With the Green Deal, we have the opportunity to modernise our infrastructure and create new prosperity for all. However, strong laws are not enough. We need investment to be successful. The Green Deal must not fail because of insufficient investment. The consequence of this would be devastating. The alternatives are natural disasters, drought, wars, massive poverty and extremely high consequential costs for the economy. Due to a wrong economic and financial policy of the last 20 years, we are driving Europe towards wear and tear. And this policy threatens to get worse. Right now, at the beginning of a recession, budget cuts and lack of investment are poisonous. Unemployment and poverty will rise and infrastructure will continue to deteriorate. It is therefore wrong for finance ministers to focus on cuts and block important investments in the EU. According to the European Commission, climate modernisation alone requires up to €540 billion in investments per year. And private investment in this area will only be possible if we also make strong public investments. The United States is currently showing that things are different. Bidens Inflation Reduction Act This leads to massive, even private, investments by companies. We need a European investment programme that boosts the economy and strengthens public infrastructure. Everyone can become winners. Through innovative research, digitalisation and public green infrastructure, we will become competitive and improve the quality of life of all people in Europe. Instead of unemployment, well-paid industrial jobs are created, as is the case, for example, with the Northvolt battery factory in my homeland in Schleswig-Holstein. To do this, we need an investment-friendly reform of the EU fiscal rules, an investment fund in the EU budget and green energy that is affordable for businesses.

Madam President, The European Central Bank's aggressive interest rate policy is failing to achieve its goal. While a few companies that dominate the energy and food markets are making more and more profits, the majority of people in the EU are suffering from income losses in real terms. Normal life has become unaffordable for many people. The greed inflation of the big food and energy companies is the problem. ECB President Lagarde is mistaken when she claims that she manages inflation through interest rate hikes. Demand is not the problem, on the contrary. We are on the verge of recession. Exports and sales are declining. The ECB is intensifying this development. To fight inflation and make life affordable for people, we need a different fiscal policy instead. We need a tax on excessive over-profits, more investment in the expansion of cheap green energy and targeted social support for people who need our support.

Mr President! "The risk is that we lose sight of the big picture." With these words, economist Sander Tordoir commented on the proposals on the Stability and Growth Pact. The reform of the EU debt rules is not just about how much credit EU countries can borrow. The EU is in an economically tense situation. The social divide is increasing, and many states have put their infrastructure at risk of wear and tear. As poverty rises, we need more investment in social infrastructure. Especially in the coronavirus pandemic, we have all seen the harsh consequences of not investing enough in our healthcare system. The expansion of renewable energies, better and faster European rail connections, a socially balanced transformation of our industries. If we want to achieve Europe's climate goals, we have to invest almost 500 billion euros a year in green transformation. According to a study by the New Economics Foundation, half of the EU Member States will not have sufficient opportunities to invest in green transition through the proposed law. These are the great connections that we are talking about here today. There is no debt on a dead planet. It is not a generational fiscal policy if strict fiscal rules drive Europe towards wear and tear and if the climate crisis destroys our planet. That is why we need a stability pact that is economically, socially and ecologically stable. And to be completely open: The European Commission's proposal is not strong enough. They take the first small steps, but we Greens will fight for us to go all the way together.

Mr President! 95 food and energy companies doubled their profits last year. Of the 306 billion dollars in profits, almost 257 billion were distributed to shareholders. While a few are benefiting from the crisis, life is hardly affordable for the vast majority of Europeans. Empty public coffers – yes, also for us in the EU budget – exacerbate inequality. That is why we need instruments with which we can balance. High corporate profits, wealth or speculation in the financial markets are more heavily taxed. As capital and financial speculation are organised globally, the EU is the right level to act. That is why it is good that we have managed to reach agreement in the negotiations as a group on a financial transaction tax and a levy on share buybacks. However, I am completely obscure as to why conservatives and liberals block an over-profit tax on excessive corporate profits. Profits drive inflation and lead to social division. Therefore, vote in favour of our amendments. Vote for a Europe-wide over-profit taxation! The EU budget is being eaten up by rising interest rates. It is not possible to make the EU fit for the future without fresh money. That is why we need the own resources for the budget. It is therefore good that the European Parliament puts forward proposals for this. We call on the European Commission to be really courageous this time and to propose a package that not only takes care of the rising interest burden, but is also able to finance further future tasks. To this end, we will vote tomorrow on an important report. I hope it will be adopted by a large majority.

Mr President! “This law leaves us with nothing but fear and danger. The best way is to leave this country." With these words, a 23-year-old trans woman describes the fears of the Ugandan LGBTI community. In the city of Jinja, six men were recently arrested for practicing homosexuality. I don't think we can all imagine what it must be like to live with fear of death and how courageous it is to stand up for equal rights in the environment. We stand in solidarity with LGBTI activists in Uganda like Kasha Nabagesera. Ugandan LGBTI people deserve our solidarity for their struggle for freedom. Their struggle for freedom is our struggle. Not only homosexuality, but also the support of LGBTI should be punished under the new hate law. In the worst case, there is even a threat of the death penalty. It is our duty to stand up against it – in diplomatic relations, with economic sanctions and also with easier access to asylum for Ugandan LGBTI people.

Madam President, In your last speech here in Parliament a few months ago, you all reminded us of our common European historical heritage. They have warned and condemned in clear terms that fascism in Europe is being normalised and trivialised. And indeed, we are currently in a very fundamental dispute. In some Member States, alliances are formed with the involvement of parties that have a fascist origin or that have forgotten their history and are fighting against our European democracy. They want a Europe of nations from which few benefit and almost all lose. They start with attacks on minorities and the media – as we are currently seeing in Italy, where rainbow families are discriminated against, absurd nationalist language laws are introduced and free journalists are put under pressure. It must be our common democratic task to stand up against it. It is therefore all the more shocking that conservatives and, unfortunately, some liberals are planning alliances with these parties. The firewall against the right must not fall!

Mr President! This year's budgetary deliberations will be held under the motto ‘And every year greets the marmot’. While EU Commission President Ursula von der Leyen and any number of heads of state and government never tire of stressing the great challenges facing the European Union, they are always being slackened on the budget. The tasks are getting bigger and our budget is getting tighter and tighter. The fact is: With this budget, the EU cannot fight the climate crisis. With this budget, the EU will not be able to formulate its own foreign and security policy. With this budget, the social divide will not be overcome. Interest rates and inflation alone eat up the programs. Important programmes such as Erasmus, the Horizon research programme or the Life nature conservation programme threaten to be effectively reduced. Instead of budget cuts, we need an EU budget for people and the climate. Climate change programmes need to be scaled up, not cut. We need inflation compensation for social programmes and the Erasmus programme. Inflation threatens the Erasmus programme to become a programme for high-income students from rich EU countries. We want all young people to be able to participate in the Erasmus programme, regardless of their income or place of residence. The EU budget is supposed to improve people's lives in concrete terms and not be a symbolic policy. We therefore strongly criticise the fact that EPP Group leader Manfred Weber calls for the financing of border fences from the EU budget in an alliance with far-right and nationalist parties. Border fences are ineffective symbols. They fake foreclosure and create new problems. Instead of financing fences, we should give more support to municipalities to take in people. And through EU neighbourhood policy, we should enable other states to give people a better perspective. It was precisely for this policy that Greens, Social Democrats, Liberals and Leftists and some Conservatives had a joint majority in the Committee on Budgets. Now is the time to profess the flag in plenary. Vote for our motions and reject the motions of the EPP and the far-right parties here in the House!

Madam President, We are currently witnessing the largest U.S. bank failure since 2008. The bankruptcy of Silicon Valley Bank has caused a lot of unrest in the European markets, as shown by Credit Suisse's current price losses. The rating agency Moody's has even downgraded the outlook for the U.S. banking system to negative. It seems that many have forgotten the lessons of the 2008 financial crisis. This crisis is largely homemade. It is also a direct result of Donald Trump's deregulation policy. In the quest for ever-increasing profits, effective laws for small and medium-sized banks have been overridden. But we have no reason to point the finger at the United States. Banks are also under increasing pressure. Too many loopholes have been negotiated in some laws. During the negotiations on the banking package, for example, conservatives and liberals here in the House also ensured that exemptions for small and medium-sized banks were drafted into decisions. We need effective regulation, and we need greater responsibility on the part of banks. They must stand straight through risk provisioning for misconduct. The banks – not the taxpayers – are responsible!