Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-140"
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"en.20050427.12.3-140"2
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"Mr President, past years have seen a relatively large number of middle class people falling for the attractions of financial instruments, the use of which was formerly reserved for a very small elite. People believed they could increase their own wealth quite quickly, only to wake up filled with utter bitterness.
I have two suggestions to make. Here is the first. Is it not possible that the EU institutions might explain to the European public, in very comprehensible terms, precisely what, in the way of such instruments, is currently available, at the same time assessing the risks involved in them? Secondly, can we not follow the example of the USA, which is now, at least, bringing transparency and a whiff of control into the world of hedge funds? Europe is in urgent need of it. Hedge funds are the ones that pull out the lot, the ones whose enormous leverage can achieve some massive dividends, but also massive losses, and which, in fact, over and over again, move the whole of Europe’s economic structure in their direction. That, I think, is something we should tackle as a matter of priority."@en1
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