Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-11-Speech-3-150"
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"en.20040211.6.3-150"2
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"Mr President, Commissioner, the Parmalat
case, like the
case in Italy, the
case in the United States, or similar cases in Great Britain and France, is a sign of the crisis that has, for some time, been affecting multinational financial organisations. At the root of this is the huge and terrible gap between the real economy and the speculative bubble: a virtual wealth in paper form that hugely exceeds real wealth, based on production and on investments.
There is another common thread to the cases referred to: that is to say the lack of, or insufficient, control by the qualified institutions: central banks, stock exchange monitoring commissions, credit institutes, professional inspection bodies. It is not a coincidence that when savers and consumer associations place a question mark over these bodies, they always repeat the same refrain. They say that they were not aware of the true situation, that they were in the dark about such illegal rigging. Alternatively, these institutions lie or the monitoring rules are so flexible – and, therefore, not very precise – that it is possible to interpret them in such a way that they enable major fraud. In the first instance, this is done by savers/investors, maybe with the compliance of the banks themselves, a matter to which we have, moreover, already referred in several questions on the problem of the speculative bubble. Although we spoke about this long before it burst, the European institutions also paid insufficient attention to it on this occasion.
I am talking about compliance because a further fact that emerges from these cases is the conflict of interest suffered by credit institutes, always to the detriment of investors. In the preceding weeks, we had already presented a resolution to the Commission to get around the inadequate rules, in which we called for the initiative to be taken, at European level and for the purpose of protecting savers’ interests, to link all bodies charged with monitoring and controlling relations between businesses and banks and for an assessment to be made of the possibility of harmonising the current regulation in order to guarantee that ethical principles are applied, which means that inspectors must not be paid by those being monitored.
The notorious cases of illegality that are disastrously affecting the investments of hundreds of thousands of savers give us the opportunity to intervene on behalf of independent professional consultants – whom we have already spoken about in this Parliament – and to urge the Commission to look into the possibility of creating a European register of such professionals. On the one hand, to try to resolve the serious issue of the conflict of interest by reducing the banks’ monopoly on advice and, on the other hand, to aim for a high quality professional qualification based on ethics and on proven experience in the sector in question.
What we call for measures to support all Parmalat
workers and to compensate savers that were defrauded, in some cases, twice – not only by Parmalat
but also by those who advised them to make certain investments. We believe, however, that the Union must seriously face up to other potentially disastrous new consequences of the enormous gap between the real economy and the financial economy. Until measures are taken to reduce this gap, the risks will continue to loom."@en1
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