Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-01-15-Speech-4-086"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2004-01-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Vote2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20040115.3.4-086"2
lpv:hasSubsequent	lp_eu:2004-01-15-Speech-4-0872
lpv:speaker	lp:Ilda Figueiredo2
lpv:spokenAs	member_of_the_bureau; EUL/NGL (2002-03-06--2004-07-19)3,3 unknown; Partido Comunista Português (1999-07-20--2004-07-19)3,3 member; EMPL (2002-01-17--2004-07-19)3,3 substitute; AGRI (2002-01-17--2004-07-19)3,3 substitute; Committee on Women's Rights and Equal Opportunities (2002-01-17--2004-07-19)3,3 member; Delegation for relations with the Mashreq countries and the Gulf (2002-02-07--2004-07-19)3,3 substitute; Temporary committee on improving safety at sea (2003-11-20--2004-04-21)3,3 substitute; PECH (2002-01-17--2004-07-19)3,3
lpv:translated text	". Hedge funds and derivatives are good examples of how finance has become the focus of today’s economy, in which financial flows take precedence over the real economy. Their main purpose is financial speculation and, in contrast to their supposed aim of risk limitation, they actually increase systemic risks in the financial system because the high volumes of finance (it is estimated that hedge funds alone total around USD 500 billion!) increase the volatility of the capitals markets. Hedge funds were behind the crisis that beset Europe’s financial system in 1992 and behind the Asian crisis of 1997-1998. Recent IMF studies have demonstrated the impact that financial crises have on reducing world production. Many of these funds are located in tax havens, which may also lead to money-laundering. This report, which we must reject, is structured around promoting the action plan for financial services and seeks to stimulate and support these instruments, referring to hedge funds as ‘sophisticated alternative investment vehicles’. This support entails reducing excessive regulation, thereby increasing the degree to which the regulatory framework for these funds is liberalised, when what is really needed is exactly the opposite, namely the imposition of a tax on capital movements, which would not only generate income for other activities, but would also help to combat purely speculative movements and to monitor these instruments more effectively."@en1

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