Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-035-000"
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"en.20110704.19.1-035-000"2
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"Madam President, most of us will remember the historic meeting between Mikhail Gorbachev and Ronald Reagan 25 years ago in Iceland, the subject of which was exactly what we need to debate today: disarmament. Looking at what they are capable of, I am astonished that derivatives in their present form – even if constrained somewhat by the current measures – are still defended so vehemently. After all, they have proved themselves capable of triggering an explosion of wealth, but also – it has to be said – of causing extreme destruction. The figures have already been given. My compliments to Mr Langen for having managed to fend off so much attempted influence, including that based on the interests of nation states.
Before we get bogged down in the detail, it needs to be said that the main problem has not been solved. The genie is still out of the bottle. As a global community, if you will – insofar as it exists – we are attempting to gradually reduce the risks on the world’s financial markets. In this respect the present report is undoubtedly a step in the right direction, but as you mentioned, Mr Langen, the regional banks – squeezed as they are between the savings banks and the financial giants – still represent a huge risk. Great difficulties exist in the private sphere. Neither do I agree with pension funds being let off in the way currently proposed. We can only hope that much more will be done when it comes to the Markets in Financial Instruments Directive (MiFID) than has been mooted to date."@en1
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