Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-09-16-Speech-4-110"
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"en.19990916.7.4-110"2
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"Mr President, the news that we are seeing at the moment alleging misconduct by the Russian Central Bank comes as very little surprise to many of us. It has long been evident that the large sums of money provided to prop up the national level of the Russian economy have not produced the desired effect and that the top-down approach might have appeared simple, but it can be less efficient in the long term.
We are aware that the gap between rich and poor has become a chasm, that the people of Russia are losing faith in the ideal of democracy and that the infrastructure is crumbling and workers are not paid. The West might have done better to have paid the teachers, doctors and miners directly, perhaps. If we are to invest further in the Russian economy we have to find the means to support and develop local economic activity - as our colleague has just said - which meets people’s needs and provides a sense of stability and involvement. There are many examples of that being developed in areas of social exclusion in the world’s poorer countries at the moment, from which we can learn.
The emphasis on money laundering and crime is only part of the issue. We need to look at how to develop internal investment. The example from the West is that you bring in other people to do the investing and they take the cash with them. So perhaps we would do well in this House to look at how we talk about issues such as the repatriation of profit to countries producing it, rather than simply extracting the cash as well as the natural resources."@en1
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