European delegation to study India’s financial, economic reforms

New Delhi, Oct 27 (ANI): Following the fallout of the worst financial crisis in Europe, a delegation comprising members of the European Parliament are on a three-day visit to India to better understand the various financial and economic reforms as well as various policy initiatives undertaken by India.

The financial crisis in Europe has shown that no financial player, market or product should be exempted from appropriate rules and supervision. The crisis demonstrated clearly that when problems hit one bank, they can spread well to the whole financial sector and beyond borders of any one particular country.

“We are dealing closely with financial services, taxation, supervision, growth and economic policy and macro policy in the European Union. We are having talks with India authorities about the G-20 meeting in Korea and currency war,” said Jose Manuel Garca, a member of the European Parliament.

“Globalisation is having an impact on how closely we need to work together. It has become more effective in financial sector. We have achieved a level of globalisation that requires close coordination in financial sector,” said Wolf Klinz, Chairman of the Special Committee on the Financial, Economic and Social Crisis.

“Each and every member of G20 has developed an answer. We are working in the European Union with our own individual dossiers,” he added.

Antolin Sanchez Presedo, a member of the Socialist Group said: “We are working on macroeconomic reforms and financial reforms.”

Further talking about the India-European Union Free Trade Agreement, Presedo said: “We have to learn a lot from the Climate Summit held in December last year. The message of the European Union was not clear to the World. We have to learn to speak in one voice.”

“We must have a representor, who must speak on behalf of ourselves. Climate Summit is not an example of good coordination,” he claimed.

An official of European Delegation in Delhi talking about the India-European Union Free Trade Agreement, which is expected to be formally signed during Prime Minister Dr Manmohan Singh’s visit to Europe in early December, said it is very difficult to get into negotiations at this point of time.

“Both sides are engaged in constructive negotiations, which is very important. We are working hard to advance the negotiations,” he added, while asserting that different parties are doing what they can do to speed up the negotiations.

Talking about the free movement of persons in the European Union, the delegation said it is very difficult to say anything at this point of time, as the outcome has not arrived yet.

“More younger people are required in Europe in the coming years. We are making all efforts to ensure that a crisis of such magnitude does not occur again,” the delegation added.

The European Delegation further said India could help European Union in the software and information technology sector.

“The awareness is growing at a rapid pace. There is a discussion to lower the minimum amount of salary required by an individual, so that there is more growth in the inflow of people,” the delegation claimed.

Talking about the IT sector, Presedo said: “We are short of people. The current legal process is very complicated. This has to be changed. The 27 European Nations should agree on immigration policies.”

The delegation, which will also be visiting Maharashtra’s Mumbai city, are also expected to interact with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Reserve Bank of India (RBI) officials during their visit. (ANI)