Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-25-Speech-2-423-500"
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"en.20111025.25.2-423-500"2
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"The subprime crisis, the generalised use of automatic trading and the spirals of speculation on the falling value of the debt of certain Member States all show that the current rules are unsuitable and make us very vulnerable. It is high time to tackle the issue of the financial economy so that it serves the real economy. This must include brave decisions which the international institutions dedicated to the world economy (IMF, World Bank) and the informal forums (G7, G20) have to take. I therefore welcome this report which recommends the drawing up of a tax on financial transactions capable of both limiting high-frequency trading and creating a new source of income for Member States, regulating excessive speculation on the debt of countries in difficulty and increasing control over the ratings agencies which were, in part, responsible for the crisis in 2007. Whilst the EU has decided to show the way forward by now drawing up binding standards for all of these issues, it cannot be alone in reforming the system. Emerging and developed countries must contribute to this effort, which must, of necessity, be global."@en1
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