Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-399-937"
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"en.20121120.28.2-399-937"2
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According to the report, the shadow banking system represents 25 % to 30 % of the total financial system and half of total bank assets. Few of this system’s practices have vanished since 2008. The report highlights the dependence of the normal banking sector on the shadow sector and that this can threaten the stability of the financial system. It notes that regulation, evaluation and auditing are impossible where there is distortion of credit risk or disturbance of cash flows. Given that this diagnosis is essentially correct, the proposals made by the report, while pretending that something has to change, actually leave everything the same. The problem does not lie in the alleged excesses within shadow banking and how it operates, but in its very existence and essence, which is purely speculative. It is a system dominated by large investment banks with a portfolio of financial instruments several times exceeding the gross domestic product of some countries (even so-called rich countries) which have developed the most speculative tools, particularly with regard to the public debt of States. A system that uses the added value created in the productive sphere (by workers) to create instruments (papers) that are sold and resold, and then the bill is passed to the workers and the people when someone along the speculation chain does not pay up."@en1
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