Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-10-02-Speech-1-074"
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"en.20001002.6.1-074"2
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"Mr President, ladies and gentlemen, I would first like to congratulate the rapporteur, Mr Skinner, for his very prudent report, which comes just at a time when we need a fresh impetus in the risk capital sector within the European Union.
The acceleration in the pace of company growth, start-ups by highly innovative businesses and the terrific speed of industrial change all require more efficient risk capital markets. More support is needed for growth. Although there has been rapid growth in venture capital here over the last five years, Europe is still way behind the United States in this area, especially in the high-growth areas of information and biotechnology, and also in the area of health care, including preventive health care, a totally new field that is constantly growing.
In addition, venture capital can be used to create modern social services, an area that should not be overlooked. These services will be particularly needed in the future because of the growing numbers of older people. The Committee on Employment and Social Affairs took a special interest in types of supplementary pension funds and the prudential rules these require.
Because of increasing life expectancy, ever more new financial products are being created in the field of old-age pensions. This means that pension funds are playing an ever-greater role in providing risk capital. But social security systems, however they may be constructed, therefore particularly need special regulations and supervisory and codetermination bodies when it comes to funding, so as to strengthen confidence in these new systems and products. That is why it is also necessary for all interested parties – including the European Parliament, the social partners, the European Investment Bank and the European Investment Fund – to participate in a continuing dialogue.
It cannot be said often enough that the European Union involves pooling our strengths. We must use all the financial instruments at our disposal to rapidly develop the market and to increase the volume of risk capital investment in the EU, so that risk capital is put to use in a way that genuinely creates jobs, thus benefiting all stakeholders. Investing in new business start-ups will also create jobs. If these are to be successfully built up, employees will have a key role to play and will act as a driving force. Employee participation systems linked with codetermination mechanisms therefore need to be in place. This is of vital importance for a variety of reasons.
To sum up, I would like to emphasise once again that the Commission communication, combined with the report, can potentially provide a strong impetus for combining forces in the risk capital sector."@en1
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