Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-996"
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"en.20080922.19.1-996"2
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".
The fact that the lack of transparency concerning hedge funds and private equity funds has led to a flare-up of the current economic crisis is not up for debate. It is one of the elements which have led, among other things, to the current impossibility of an accurate evaluation of the debt and loan balance of many financial institutions. For years on end these financial institutions have wrecked economies and carried out aggressive take-overs, ignoring not only medium and long-term economic consequences, but also the social consequences of their activity. Lured only by the prospect of short-term profit, they orchestrated the breakdown and sale of entire companies, disrupting national economies and toying with monetary markets, in total disregard for transparency and rules. It is clear that these funds must be regulated and that an appropriate level of transparency must be put in place. This is necessary not only for the stability, health and proper functioning of financial markets, but also in order to decrease the risk threatening those financial markets which are in an early stage, in developing countries, and therefore lack stability. This crisis has proven how dangerous the consequences of laissez-faire are, and how important it is to ensure the future transparency of financial activities."@en1
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