Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-01-15-Speech-4-037"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2004-01-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Taxation2
dcterms:Language	"fi"^^xsd:language2
lpv:document identification number	"en.20040115.2.4-037"2
lpv:hasSubsequent	lp_eu:2004-01-15-Speech-4-0382
lpv:speaker	lp:Esko Seppänen2
lpv:spokenAs	member; Committee on Industry, External Trade, Research and Energy (2002-01-17--2004-07-19)3 substitute; Delegation to the EU-Estonia Joint Parliamentary Committee (2002-02-07--2004-04-30)3 unknown; Vasemmistoliitto (1999-07-20--2004-07-19)3 member; Delegation to the European Economic Area Joint Parliamentary Committee (EEA) (2002-02-07--2004-07-19)3 member_of_the_bureau; EUL/NGL (1999-10-13--2004-07-19)3 substitute; BUDG (2002-01-17--2004-07-19)3 member; Delegation to the EU-Russia Parliamentary Cooperation Committee (2002-02-07--2004-07-19)3
lpv:translated text	"Madam President, I know the rapporteur, Mr Purvis. He believes in the market. If you have such a belief the best option is light-handed regulation, and the lightest is obviously self-regulation. Mr Purvis justifies the existence of derivative markets with reference to olive production. In ancient times the price of olives was stabilised by means of agreements made beforehand. Olives in the European Union, however, are a good example of how the market functions if there is no control and only self-regulation. According to a report by the Court of Auditors, producers are falsifying production figures at their pressing plants, adding nut oil to olive oil or forwarding the same oil to the EU for payment on the basis of both the number of trees and the volume of oil. The market functions on the terms of the greedy, as do investment and the derivative markets. The new instruments work in the way oil is pressed from olives. The stock markets are the oil pressing plants for the new market instruments, where new cash is pressed from old. The derivatives are the new lubricant greasing the wheels of the machinery in the speculators’ market. The financial markets are supervised today in the same way as nuclear safety, something which was discussed this week in Parliament: only at national level. Those responsible for supervising nuclear plants are top-level technical specialists, whilst those responsible for the national supervision of hedge funds and derivatives are not. Accordingly, there is no stock market safety factor in the market. There should be a stock market safety authority just as there is a nuclear safety authority or, for example, a Maritime Safety Agency. I wish the report had examined more the role of the European Central Bank as a possible supervisory body. A lightly regulated regime and self-regulation rely on the morals of speculators, and, as we know, speculators do not have morals. Their incentive is merely a desire for money. As a result, the pensions of employees in companies in many countries are at great risk, as they are, for example, in Mr Purvis’s country."@en1

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