Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-376-218"
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"en.20110511.28.3-376-218"2
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"Having noted, and I quote and now utter the following euphemism – ‘a lack of values and ethics in the behaviour of certain actors in the financial markets and institutions’ – this Parliament has set off on a pathetic crusade to inject some ethics into the sector. To use the word crusade is perhaps to overstate the case. It might be better to say that some pious hopes are expressed that finally, the interests of customers and workers should be taken into account. There is some pitiful bleating about social, cultural and ‘gender’ diversity on boards of directors (quotas for the Roma, no doubt?). There are some proposals, which have already largely been adopted at European level, on the indecent remunerations in the sector, where we could do considerably better. There are some risk controls here and there. In short, the point that escapes you is the fact that companies are merely playing by the rules that you set.
Now these rules, rules that you are basically refusing to question, are the free international movement of capital, the financialisation of the economy, an over-emphasis on the short term, securitisation, complex financial products that are not based on any concrete wealth creation and the constitution of large multinational groups which are more powerful than States and are not subject to control. Until you deal with the foundations of this system, you will change nothing."@en1
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