Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-26-Speech-5-265-500"

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"en.20121026.23.5-265-500"2
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". This proposal, backed by the majority of the European Parliament, is part of a wider set of proposals that have emerged in the context of one of the most serious crises in the systemic crisis of capitalism, which pretend to change everything so that, in essence, everything stays the same. The ‘financialisation’ of the economy and the way in which it holds productive activity hostage remain taboo. This proposal is limited to a set of recommendations for legal harmonisation, the principal concern of which is to oil the financial markets, without addressing the substantive issues that would have been addressed if the system and its defenders were actually intending to impose limits. Although the document does propose some sensible measures, most of its provisions are aimed at ensuring stable conditions for financial operators and the continuation of the whole circuit that drains added value out of the productive sectors and into financial capital: expropriating powers from the states, harmonising and reducing the costs involved in the movement of various financial products, and creating an illusion of greater regulation and supervision which, at root, is false. An example of this superficial approach is the complete absence of any mention of tax havens, banking secrecy or countries with tax regimes that are friendly to big finance."@en1

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