Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-11-Speech-3-162"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2004-02-11"^^xsd:date2
dcterms:Is Part Of	lp_eu:Corporate governance and supervision of financial services (the Parmalat case)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20040211.6.3-162"2
lpv:hasSubsequent	lp_eu:2004-02-11-Speech-3-1632
lpv:speaker	lp:Harald Ettl2
lpv:spokenAs	member; EMPL (2002-01-17--2004-07-19)3 vice-chair; Delegation to the EU-Slovenia Joint Parliamentary Committee (2002-02-07--2004-04-30)3 member; PES (1999-07-20--2004-07-19)3 unknown; Sozialdemokratische Partei Österreichs (1999-07-20--2004-07-19)3 substitute; ECON (2002-01-17--2004-07-19)3
lpv:translated text	"Thank you, Mr President. Europe’s Parmalat affair is no less devastating than the WorldCom case, the biggest US financial scandal to date. Naturally, I am especially concerned because the Parmalat scandal also involved an Austrian company. We have been discussing European audit mechanisms and financial legislation ever since the major scandals started in the US some three years ago. Unfortunately, it is still the case that some people want more controls, and others want less. On this issue – this objective issue – there is very little middle ground; instead, what we have is, in my view, a farcical political polarisation. Only yesterday, we were debating the issue of the ratings agencies. As usual in such situations, the conservatives voted against better and more stringent control mechanisms and thus accepted the audit and evaluation oligopoly as it stands, without particular comment. How should we view this situation from our perspective? That is a matter of taste. We will soon have the opportunity to vote on the directive on cross-border mergers of companies with share capital. It is already becoming apparent that there is an intention to steer this directive away from workers’ interests and better control mechanisms. Yet the current financial regulations in the EU enable financial systems that lack transparency to pursue fraudulent policies. Tax havens continue to be maintained, even though there have for years been calls for us to regulate them. It is quite unacceptable for Europe’s regulatory and control mechanisms to have as many holes as a Swiss cheese, opening the door to fraud. If we fail to take action now, we will forfeit the confidence of the workers who are now losing their jobs, as well as the investors in the capital markets – confidence that we want to secure."@en1

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