Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-03-11-Speech-2-373-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20140311.52.2-373-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Madam President, I have spoken before about the way in which the EIB prejudices the market. It does not give soft loans to struggling small firms operating within tight profit margins; it intervenes semi-politically. The largest beneficiary of EIB soft loans in the UK, for a long time, was British Airways, which is hardly a small company but was at the time very involved in supporting the campaign to join the euro.
Quite apart from the objections we have to the EIB, this is an outrageous example of where we do not allow losses; where, by standing behind organisations that make loans and take risks, we end up encouraging people to comport themselves in the expectation of bail-outs, so that the profit is theirs but the losses are socialised. When people start acting on the assumption that there is a safety net, we get what we had when the financial crisis came five years ago. We should be working towards a situation where loans can go bad and banks can collapse and it is not a problem, and where there is a plurality of competing providers, rather than trying to create a system of consolidated capital where failure is impossible, because failure is necessary to capitalism, just as sin is necessary to religion."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples