Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-07-02-Speech-2-134"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20020702.6.2-134"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, ladies and gentlemen, contrary to what Mr Berthu says, I think that the European Central Bank can pride itself on presenting a more than satisfactory statement. The euro is a success: more than 50 countries already have an exchange rate regime for which the euro serves, at least in part, as a point of reference. Our single currency has become the dollar’s equal. When the value of the euro fell in relation to the dollar, some commentators questioned the so-called lack of structural reforms in Europe.
Logic dictates that the current rise in the value of the euro against the dollar should be the result of a successful EU structural policy, unless the changes in the exchange rate between the dollar and the euro are not so much due to economic foundations than to the changing mood of the financial markets. After the irrational exuberance on the stock markets and since the bubble of so-called new economy burst, disillusionment is the order of the day. Virtual stock market gains have transformed into real losses. The debt incurred by companies and private individuals is the cause of particular concern. Added to this is the realisation that many champions of the new economy are turning out to be manipulative conmen. During the financial crisis in Asia, many commentators condemned ‘crony capitalism’, capitalism marked by the complicity within these countries. Yet, current events in the United States, and in Europe too, show us that those who preached in Wall Street, the City and elsewhere were comfortably ensconced in a sort of self-service set-up where company directors, business bankers, analysts and auditing firms gave one another a helping hand when needed.
In fact, the world of finance is currently experiencing a sort of uncontrollable collapse which is reminiscent of the crisis of 1929 and subsequent years. Wide-ranging reforms of international finance are therefore essential. The central banks, the EDF and the ECB in particular, must put forward proposals to improve the regulation and supervision of financial markets, including hedge funds. Article 110(1) of the Treaty grants the European system of central banks the right to issue recommendations and opinions. I hope and pray for recommendations from the ECB to combat crony capitalism, to introduce better regulation and supervision, in short, to create the conditions to enable us to regain the general public’s confidence in an ethical financial sector. It is not the danger of inflation that is currently threatening us, but the danger of the financial markets imploding. The ECB cannot shirk its responsibility. In addition, the ECB’s appeals for wage moderation would be much more credible if Mr Duisenberg applied the same language of moderation to investors with capital."@en1
|
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples