Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-01-Speech-3-269-000"
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"en.20120201.16.3-269-000"2
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"In order for the BRICS countries and other emerging powers to play an increasingly important global role in foreign policy, their economic growth needs to continue and increase. As the current economic crisis shows, there is a strong degree of interdependence between emerged and emerging powers. Indeed, the economic growth and welfare of the former is a definite prerequisite for the consolidation of the latter’s economic growth. In light of this, the EU needs to act as a single, robust political and economic entity in order to continue to promote universal values in the new multi-polar system of global governance. However, a great deal of attention must be focused on the trend towards excessive regulation of the financial market, which will only result in the migration of capital to BRICS countries with fair regulations. This development has a particularly serious impact, starting with the increase in financing costs for European companies and ending with the loss of their competitiveness. Transnational challenges such as climate change, global regulatory issues, access to raw materials and rare elements, terrorism, sustainable development, political stability and global security will require an approach based on common values, consensus, consultation and close cooperation with the new emerging powers."@en1
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