Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-399-921"
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"en.20121120.28.2-399-921"2
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The current economic and financial crisis largely resulted from the malfunctioning of the banking system which, lacking oversight and tighter controls, took advantage of speculative processes which eventually led to the successive bankruptcy of banks and businesses. As shadow banking is outside the sector, it does not respect market rules and may endanger a company’s operations. Therefore, we need tools that would allow us to have greater insight into the sector to stimulate it and, above all, control it so that there is no repeat of what happened. To do this, we need fully operational supervisory mechanisms, which should be provided with a central register of securities purchased to carry out their activity. I voted in favour of Saïd El Khadraoui’s report on shadow banking, which had a turnover of around EUR 46 billion in 2010 – the contagious effect of which is enormous and which could endanger global finance – because it is essential that we create mechanisms to prevent a destructive contagious effect on the regulated banking system."@en1
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