Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-07-02-Speech-2-402-000"
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"en.20130702.43.2-402-000"2
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"Mr President, in the past the state has not done a great job of picking winners and losers in the economy. This goes for business models as well as specific companies. Dictating company structure and rigid methods of corporate governance could mean we end up in an even worse situation, should that business model prove to have weaknesses in times of stress. In the banking sector there are still those in Plaid Cymru who claim that the UK Cooperative Bank has a solid funding base – something that its customers and the Bank of England would disagree with, as it is subject to the latest funding crisis in the UK banking sector, forcing its move from a cooperative to a publicly-listed entity to recapitalise its balance sheet.
Lessons need to be learnt from this example. There is no silver bullet for overcoming the current financial crisis, but I believe we should be supporting a free market economy that can adapt to changing circumstances. It is precisely those sectors of the economy which have more diversity that are going to weather the crisis best. Some business models work better than others in different circumstances. We cannot know what challenges we will face in the coming years and should allow companies to work out what is best for them and their customers."@en1
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