Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-06-12-Speech-3-014-000"
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"en.20130612.2.3-014-000"2
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"Madam President, as a matter of fact, I am not without some sympathy with the Council on this because you are trying to do the impossible. I think Parliament is trying to make you do the impossible.
The long and short of it is – as well known in Austrian economics – that, in order to regulate financial services, you would need perfect knowledge of the market. That is impossible and cannot be done. It is sometimes know as the fatal conceit. What we need to go back to is liberty of contract so that the individual, the investor, can contract under law in a property-owning democracy with whomsoever banker or investment manager he wants, without the interference of the state and the implicit guarantee of the taxpayer that goes with it.
Central bankers and retail bankers hide behind regulation. They are not dominated or guided by regulation. It is what keeps these people out of prison when they cheat the general public. You are part of the conspiracy. For goodness sake, move away from prescriptive regulation and let the law of the land take its course."@en1
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