Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-02-17-Speech-4-015"

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"Mr President, the 1985 directive introduced a sort of European visa for certain types of UCITS which could be marketed throughout the Union. Since then, the capital market and transferable securities have not just continued to evolve; thanks to unbridled financial globalisation, they have exploded exponentially and without restraint. This brings us to the two proposals for directives. The second proposal, on which the report is excellent, does not require any particular comment. It aims to strengthen consumer protection and security. It is a step in the right direction, even if one wonders why in heaven, with what right and with what respect for our citizens, we are further bolstering the monopoly of the English language in all documents distributed throughout Europe. That is the thrust of an amendment which we have tabled; it favours all the languages of the Community and our agreement to the second directive will depend on it. The same cannot be said of the first proposal. We might have been able to agree to the original text insofar as it was informed by a legitimate concern to update current legislation. However, we are unable to agree to the text of the report, although I welcome the work carried out by Mr Schmidt, for several reasons. First, it leans too far towards products based on indexes which have no bearing on the real economy; derivatives which will help to swell the financial bubble which Mr Lipietz referred to just now. Secondly, like him, I think that we should not promote excessive concentration in funds which, in the final analysis, will prove to be a Trojan horse for American pension funds. There is, of course, no reciprocity in favour of European UCITS. We shall also vote against the abolition of the facility for the Member States to increase to 35% …"@en1

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