European Parliament, 2004
Rasmussen became a MEP for the Party of European Socialists after winning a record number of 407,966 votes for an individual (from Denmark) in the European Parliamentary elections in 2004. He sat on both the Foreign Affairs Committee and the Economic and Monetary Affairs Committee.
A key issue tackled by Rasmussen in the European Parliament was the lack of regulation for private equity and hedge funds. He worked to secure greater regulation in this area. starting long before the onset of the financial crisis. His report, proposing binding rules for all players as well as greater transparency and accountability, was passed by the European Parliament in September 2008. Rasmussen has since criticised the European Commission, and in particular Commission President José Manuel Durão Barroso and Commissioner Charlie McCreevy for failing to respond to the report with sufficient speed or dedication.
Rasmussen has also slammed the Commission's response to the economic crisis; in March 2009 he wrote: "A new, updated Recovery Plan is needed now, otherwise there will be 25 million unemployed in 2010. There must be real coordination focused on real investments. Europe also needs to do more for the countries of Central and Eastern Europe. It is in our common economic and political interest to prevent financial meltdown in those countries. Europe talks a lot about solidarity, now is the time it is really needed."
Read more about this topic: Poul Nyrup Rasmussen
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