Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-092"
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"en.20080922.19.1-092"2
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"Madam President, Commissioner, Mr Karras, if I have understood Morgan Stanley correctly in the last few days, they are less fearful of Mr Schulz’s stranglehold than of hedge funds.
If I have grasped one thing from the discussion of the last few days, Commissioner, it is that the American consensus in this company, which has made many mistakes in handling the property and financial crisis, is that we no longer want to allow individual gamblers to drive the entire financial system to the wall by exploiting its flexibility and lack of regulation. How much longer do we actually want to carry on waiting until not only the ailing institutions, but also the sound ones have the red light forced on them and then hedge funds and other funds bet on their decline in order to snap them up again later at cheaper prices?
This leeway must be dispensed with and for this reason I doubt that what you have done here will be sufficient. It is not the time merely to be commissioning further studies. It is not the time for further supervision of those involved. It is time for action!
Last week I looked at an enterprise in my constituency, a sound enterprise, an enterprise producing the new materials we need: the vacuum melting company in Hanau, near Frankfurt. For a very long time it was a sound enterprise, until it was taken over by an American investor. Debts from the takeover are affecting the workforce, they are affecting the enterprise. Since then the enterprise has been trying to pull out of the collective labour agreement and has been forced back into it by a bitter strike. Is this what we to happen all over Europe? Do we really want the strength of the European economy to be based on this kind of conflict or can we regain some kind of understanding and fill the regulatory loopholes with European legislation?
This is what is on the agenda. In the last nine years in this House, Commissioner, I have not experienced a discussion on economic policy in which you have been asked to act so unanimously and by such common consent."@en1
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