Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-138"

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"Mr President, let me first of all congratulate Mr Gauzès for a responsible and listening leadership in this difficult process. I would like to reiterate, not least for the benefit of colleagues who are saying that they will vote against this report tomorrow – this might seem so obvious that it should not be said, but sometimes the obvious things need to be said – that private equity and dynamic financial markets are not only important for a competitive economy, they are crucial. We need them and they are good for a strong economy. That is why I think the report we are going to vote on tomorrow is worth our support. When we discuss private equity, we are talking about the opportunities for SMEs to grow and to develop. We have achieved a solution for private equity which will not give any disadvantage to private equity funds. It will provide us with openness for third countries and for investments in other parts of the world; that was not always the situation. We have, in that sense, bettered the legislation. I think it is important that we have reduced the scope, so that we are not dealing with what were industrial companies now that we have made an exemption for holding companies. Had we accepted the original proposal, it would have meant that normal industrial companies and structures in a number of our countries would have been seen as financial institutions. That would have created new problems, not only for investments, but also for industrial development. All in all, as always, things could have been better, but the important thing is that now we have the preconditions for dynamic, financial markets which are good for the European economy."@en1
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