Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-071"
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"en.20070710.6.2-071"2
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"Madam President, a well-functioning, integrated capital market would be an important foundation for the European economy in the current climate of rapid globalisation. We should thank the rapporteur not just for focusing on the economic success of European capital markets, but also the spread and the resulting benefits as well as the potential risks.
Financial services are a good thing when they meet our society’s demands and benefits it, but this requires heightened controls. Leaving the market to its own devices encourages abuse. Even if hedge funds and private equities were able to secure market diversification, the danger of systemic risks with excessively negative impacts, for instance, through failures in asset management, conceals an uncontrollable potential for crisis. For example, the business practices of hedge funds change rapidly. Even the financial market authorities in London are noting a growing number of instances where disclosure requirements are flouted.
Clever market players are always finding new ways to disguise their activities, as we frequently hear from the
. The result is some clever surprise tactics in corporate takeovers. The employees who are ultimately responsible for sustaining the value of national economies will increasingly become the toys in the hands of capital interests. In order to prevent this without jeopardising the prosperity of the market, and to provide better profit distribution we need more input from the competent committees. The economy should not decide on its own what is good for it, but politics have to regulate and monitor the economy, to the long-term benefit of society in the European Union in the long term."@en1
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