Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-01-19-Speech-3-233"
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"en.20000119.8.3-233"2
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"Madam President, I too have found parts of the debate quite bizarre. It is perhaps not by chance that the Conservative benches have emptied because that which is represented as market freedom no longer has anything in common with the noble principles of the social market economy which has brought so much prosperity to us here in western Europe over recent decades. If we continue down this path, and this is the ideology, and declare the financial markets to be sacrosanct and even claim that any intervention in the workings of these markets is contrary to progress and contrary to the growth of the economy, then we will quite certainly be on the wrong tack and that could take on quite dangerous proportions.
Those who own the monetary assets are currently amassing huge fortunes which are again screaming out to be reinvested. We have asset inflation of global proportions. As a result, speculative bubbles continually arise on the financial markets, causing growing economic instability which, in turn, jeopardises the entire economy. And it is precisely the medium-sized undertakings and large numbers of employees who suffer as a result. We can take action against this; it is possible. The minimum requirements for this would be for a proper study to be carried out at long last, not only by the Commission, but by reputable economic institutes throughout Europe. That too is feasible. And then perhaps everyone will stop bandying about arguments which are asking for trouble!
It is not correct that the Tobin tax is technically impracticable – it is quite feasible in the age of the computer. The fact that tax havens are frequently nothing but hard disk storage space for large European banks here at home must not be ignored.
In short, we must not allow real capital and speculative capital to become so remote from each other, because otherwise we shall be steering towards situations which we experienced on this continent time and again during the last century and which had catastrophic results."@en1
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