Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-314-625"
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"en.20120329.36.4-314-625"2
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"The current credit crisis has proven how dangerous derivatives and swaps are, given that their use for purely speculative purposes helped to cause it. I abstained in the vote on the report on derivatives because, although it makes provision for certain measures which improve market structures and limit certain risks to a degree, it basically does not address the problem. It does not ban the use of derivatives or the involvement of so-called ‘middlemen’. However much we regulate and however much we tighten up supervision, the source of the problem remains, because we are talking about the effects, not the causes. In times of crisis, the role of the banking system is absolutely crucial, as it can mitigate the consequences of the crisis, provided that it puts the real needs of society first. As long as the existing system reproduces the philosophy of maximising profits and bonuses and continues to function on a speculative basis, to the detriment of society and the people of Europe, the problem will get worse and there will be no way out of the crisis."@en1
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