Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-22-Speech-2-263"
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"en.20080422.49.2-263"2
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"Mr President, Commissioner, ladies and gentlemen, the discussion has indeed already moved further on. I should therefore like to concentrate on two points. I believe Mr Schulz is absolutely right in pointing out that the markets – particularly the capital and investment markets – have reacted very strongly to the growing uncertainties, not only following the subprime crisis, nor merely in Europe in recent months, and that many investors have therefore switched over to longer-term and more reliable investments. Ultimately, this is producing truly dramatic consequences for consumers throughout the world because food prices among others have also shot up as a result.
If we take a look at raw material funds, for example, we note that some raw material funds have made up to 30% profit in past years. However, it cannot be our idea of a fair world or, of course, of a sustainable policy, where we first of all inflate our prices, where the capital market drives up prices for raw materials and for food, and where we then try subsequently to create solidarity with the nations of southern Africa and of South America in order then to ship correspondingly expensive products out there.
It is right that we must try to appeal to the ECB and the international capital markets to do everything they can to improve confidence in the existing conventional investment opportunities so that investors will find their way back to these strategies, to these investment opportunities. Unfortunately, Mr Schulz has not given any indication regarding how this is to be made possible. I believe we are not incapable, and therefore not completely without opportunities, but that we must above all create the impression that the European Central Bank plays a central role here.
My second point is that I believe that we must also warn against disproportionate alarmism. The rise in food prices is substantial, of course, at the moment – our fellow Member has pointed this out – and it is even of considerable significance for consumers in Europe and is creating dramatic cuts in budgets. Nevertheless, I believe that it has to be our duty to advocate dealing realistically on a sustained basis here in Parliament as well – some fellow Members have also addressed this – with the various sources of energy if we really want to make these aims our own."@en1
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