Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-11-Speech-3-157"
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"en.20040211.6.3-157"2
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"Mr President, as fellow Members have already said, the financial
collapse of the multinational Parmalat has constituted a very serious episode for Italy and has involved thousands of small Italian savers; it is likely to damage financial credibility and, in future, to create widespread distrust of our country amongst international investors too.
One of the causes of this financial collapse was, primarily the approval of the false financial statements of the Parmalat Group by one of the major auditing companies, which is alleged to have hidden the real asset situation of the company. What is more, it is obvious that the other bodies employed for financial auditing
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also failed to conduct the necessary inspections adequately and at the right time. Several of the most well-known credit institutes in global financial markets – both Italian and European – also appear to be involved in the affair; they issued an uncontrolled amount of
bonds that are no longer redeemable.
For all these reasons, the Parmalat case has been described as the European
although, in fact, it is more serious than the US scandal, since US GDP is much higher than that of Italy.
As we all know, the Parmalat collapse is, unfortunately, merely the latest in a long series of similar affairs that have occurred across Europe. So what can Italian citizens and European citizens, who are often the victims of this financial adventurism, expect? I think that they expect urgent and tangible measures, both to protect the workers in the Parmalat Group, which is the specific case in point, and – more generally – to safeguard and compensate the savers involved in this collapse. Furthermore, they expect instruments to be put in place to prevent operations of this sort occurring in the future and to restrict the maximum exposure of small savers.
Finally, I would like to draw the attention of the Commissioner to two final points: I think that the time has come to create an establishment for monitoring and control at European level – a sort of European Securities and Exchange Commission (SEC) – with the right to inspect and impose sanctions, under the direct control of the ECB, and designed to verify the efficiency and transparency of the equity market in order to protect investors as far as possible. Lastly, a black list should be established to ensure that tax havens are outlawed."@en1
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"Consob"1
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