Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-11-Speech-3-225"
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"en.20070711.22.3-225"2
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".
The two main trends in the financial markets have been the concentration of the biggest financial operators and the exponential growth of so-called ‘alternative investment activities’, or in other words the derivative and hedge fund markets.
Nearly thirty major international players currently control all business and dominate the market throughout the world. The concentration of financial operations at national level continues apace, with the dominance of the peripheral and small-scale markets by big foreign operators, in the new Member States and the southern countries such as Portugal.
The use of financial instruments that are geared towards mere speculative gambling and that concentrate large sums of money, of which tax havens are an example, the deregulation of the main markets and the utter lawlessness of the world’s capital transactions, involve systemic and operational risks that lead to economic and financial crises.
The only beneficiaries of this process are the big multinational corporations, with the assistance, in Europe, of the financial services action plan.
We still have not been told why tax havens are not abolished and why movements of capital are not taxed."@en1
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