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-- and business world are coming together today here in New York City and the Netherlands for what they -- financial day.
As part of the New York 400 week's celebration to Mark Henry Hudson's discovery of New York Harbor.
The two countries are focusing on the current state of their economies -- -- sustainability and their investments in one another.
For more -- wanna welcoming in front of friends he's the Dutch minister point European affairs and international cultural policy.
And he's actually can be rainfall from now on the New York Stock Exchange today good to see minister thank you for being here and commitments and I didn't total a -- well I -- a little bit about this anniversary -- is so important for both countries.
Because we can I reconnect with the values that led to new Amsterdam in New York the values that.
Where the bases of the -- Republicans seventeenth century we had this craving for opportunity -- for liberty and be really really want to people to.
Make their own choices in terms of their business in terms also their religion.
And freedom -- been part of my country in this country.
School 400 kids.
It sounds it's a special time to do that at a very difficult time for both countries and you are I believe the fourth largest investor in the United States -- How important how essential is that investment in the United States and a mutually good relationship.
It's essential that we get the financial sector going again my country is small were only sixty point 516 point five million.
But financial sector ranks eighth in the world.
So to get the financial sector going again is of great importance to us as it is to new York and on the United States.
-- in the world that we've seen a tremendous.
Amount of -- carnage I guess is the way to put it.
In normal markets due to the financial sector a lot of it due in part to what happened here in the United States.
How do you view how we're handling this financial crisis and what would you do different.
I think the President Obama is on the right track I think we follow the same.
Line but we think we need to regulate we need to regulate the financial sector both in general terms and with individual banks.
We've through the reach an agreement in the Netherlands without financial system.
To cut the bonuses and done if this agreement stands that's fine if they don't cut the bonuses we will intervene is a government.
Because if you ask people individual people.
As simple -- has to sacrifice parts of the pay to pay -- taxes or two to sustain the consequence of the financial crisis have to make sure those responsible.
Also bear the brunt.
Wouldn't that look like because you're willing to go it alone and the other members the G-20 you know you have some support some first some other European countries.
But you're setting a precedent that you're gonna do this to yourself what will those caps look like -- -- -- What we want to do and we fully agree with the French and the Germans all on this and this is a big chunk of the European economy if we.
Three of us agree on this is to make sure that.
Banks and other financial institutions.
Regulate themselves if they don't do this who put in place laws that will make sure that they can't pay these bonuses.
But that that seems very cool way.
Regulate themselves means you know -- at least in the United States who multiple regulatory authorities many of which fell down in this financial crisis.
But I don't want it I guess I don't understand the connection between regulate yourself and if not.
There will be punitive consequences walk me through the.
This is this is a very Dutch approach to things we do this in many many areas.
We have this.
Society based on dialogue with different stakeholders so what business we always try and find solutions that they regulate themselves -- bit but we don't need to intervene.
We've lost but they know that if they don't.
Make the sexist that this extra effort we will intervene with -- and that we can.
They use fiscal instruments just tax them higher -- them before or use other regulations to prevent them giving these bonuses.
You guys pioneered.
A market based health care system that's right and we just had one of the biggest health care speeches.
Power of our out that new president.
What do you make of what we're doing and are we moving in the right direction.
I'm a great admirer of president Obama's I think he's on the right track I think his ideas of reforming the system rather than putting in place it completely new system.
We've got the experience -- ourselves you -- have that partly private system and government intervention it is possible.
It is simply I don't understand how it is possible and in this great country.
You would spend twice the amount per capita on health care and get less of a a level of health care than we have in the Netherlands so I think does that.
Great room to improve the system and perhaps we can assist with some of I'm experiences you guys have been used as -- -- the road map.
Telling about the celebrations to back.
It's going to be wonderful I think I think we're going to have a great breakfast and a great lunch what we will.
Bring business visas together from the United States and the Netherlands to look at sustainable finance.
Because if we can get this financial system working again it is the economy's blood -- will get the global economy working again.
And with standing shoulder to shoulder and preventing.
Protectionism in the world's economy preventing a further break -- -- the financial system.
And I am sure will prevail we'll succeed.
Minister -- thank you very much good to see you -- issue.
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