Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-052"
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"en.20111115.27.2-434-052"2
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"I voted in favour of the Canfin report, which seeks to better control and limit some of the most speculative financial practices and partially ban these practices in relation to sovereign debt. However, as with all of the other European texts on the regulation of the financial markets, it did not live up to my expectations. The European Union contents itself with minimal, partial, incidental measures, when it should really be attacking the root of the problem and calling into question all of the acts that have brought us to this point, and I mean all of them: elimination of controls on capital movements, securitisation of debts, floating exchange rates, ban on the monetisation of public debts, and so on. In other words, we should abandon the general philosophy that has governed the globalisation of the economy for decades. There is no doubt that the financial sector is already preparing instruments that will enable it to by-pass or distort these measures. Indeed, the states are still under the control of the markets and the rating agencies when it comes to financing never-ending deficits fuelled in part by the exorbitant interest rates. I get the impression that we are trying to put out a forest fire with water pistols. I want to be able to rely on my own pump, but it will not put out the fires."@en1
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