Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-376-343"
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"en.20110511.28.3-376-343"2
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"This report recognises some important issues and evidence, like the fact that the financial sector should respond to the needs of the economy, contribute to sustainable growth and demonstrate greater social responsibility, as well as that ‘during the recent financial crisis, many financial institutions around the world failed at great cost to the taxpayer’
However, having made these statements, the report does not draw out all the consequences of the facts presented, simply making a few inconsequential observations. According to the rapporteur, everything, or almost everything, boils down to tired arguments about creating an effective and adequate governance system in terms of risk management, enforcement of rules, ethics in the behaviour of some of those involved in the financial markets and institutions, and so on.
We are aware of the contribution that some of these guidelines may make towards appreciably and temporarily improving the workings of the financial system. Nonetheless, it is obvious that they cannot alter the system’s most essential aspect: its unsustainability, predatory nature and emphasis on speculation, with the principal aim of increasing profits.
The report completely fails to address the central issue: the state recovering its role in this area; taking back the financial sector and returning it to its social role, under public and democratic control."@en1
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