Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-01-19-Speech-3-231"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2000-01-19"^^xsd:date2
dcterms:Is Part Of	lp_eu:Capital tax2
dcterms:Language	"el"^^xsd:language2
lpv:document identification number	"en.20000119.8.3-231"2
lpv:hasSubsequent	lp_eu:2000-01-19-Speech-3-2322
lpv:speaker	lp:Giorgos Katiforis2
lpv:spokenAs	substitute; PECH (1999-07-22--2002-01-14)3 member; ECON (1999-07-21--2002-01-14)3 member; Delegation to the EU-Turkey Joint Parliamentary Committee (1999-10-06--2002-01-14)3 unknown; Panellinio Socialistiko Kinima (1999-07-20--2004-07-19)3 substitute; Committee on Foreign Affairs, Human Rights, Common Security and Defence Policy (1999-07-22--2002-01-14)3 vice-chair; PES (1999-07-20--2004-07-19)3
lpv:translated text	"Honourable Members, Commissioner, it is often said that Europe has succeeded in stabilising the economic sector, but this is only true if we confine ourselves purely to the public sector. If we look at the private sector, however, we will find not only that this fabled ‘financial stability’ has been unsuccessful but that we are most probably sitting on a volcano ready to erupt at any moment. The debt burdens of the private sector and the corresponding excessive inflation of Stock Exchange securities, the two main market stability indicators, have, for some time, been at danger levels, as the Commission report on the economic situation in Europe clearly illustrates. The fact that the public accepts such rates and does not just abandon all financial activities in a panic can be explained by overambitious expectations over future gains. Speculative activities are growing beyond measure and are, in turn, generating profits which will eventually prove to be merely fictitious. Over-optimism will give way to disappointment and fear, which, in turn, will result in a stock market and economic crisis. The danger is too great for us to ignore. We ought to face it regardless of how difficult it may seem. Modern economic science has provided an exceptional instrument with the Tobin proposal and others, which we will be able to use if we have the political will to make a start. That is what we are lacking, Commissioner: the political will to make a start in tackling speculation. No longer should there be a place in democracy for the worship of, or for this fatalist approach towards, market forces as adopted by the liberals – and I am sorry that Mr Gasòliba I Böhm has left – as this will only lead to its ruin."@en1

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