Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-269"
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"en.20100707.23.3-269"2
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"I abstained during the vote on the Goulard report from voting on the Commission text on macro-prudential oversight of the financial system and the establishment of a European Systemic Risk Board. The body being set up, like the European financial oversight system, has limited scope, being confined by certain structural characteristics which derive from the neoliberal perception of the precedence, if not sovereignty, of the market.
These characteristics are as follows: a) independence from the political powers; these bodies will not report to the political authorities of the Member States and their remit will remain narrowly defined and far removed from any concept of democratic control; b) citizens are absent from the decision-making centres; social groups such as workers and consumers will not be represented in these independent authorities, only the private sector; c) the configuration and
of these bodies increases the fragmentation of political and supervisory powers, creating a dichotomy between monetary policy, which is exercised by the ECB, and financial policy, which is exercised by the Member States within the stranglehold of the Stability Pact."@en1
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