Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-21-Speech-4-123"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2002-11-21"^^xsd:date2
dcterms:Is Part Of	lp_eu:Vote2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20021121.4.4-123"2
lpv:hasSubsequent	lp_eu:2002-11-21-Speech-4-1242
lpv:speaker	lp:Ilda Figueiredo2
lpv:spokenAs	member_of_the_bureau; EUL/NGL (2002-03-06--2004-07-19)3 unknown; Partido Comunista Português (1999-07-20--2004-07-19)3 member; EMPL (2002-01-17--2004-07-19)3 substitute; AGRI (2002-01-17--2004-07-19)3 substitute; Committee on Women's Rights and Equal Opportunities (2002-01-17--2004-07-19)3 member; Delegation for relations with the Mashreq countries and the Gulf (2002-02-07--2004-07-19)3 substitute; PECH (2002-01-17--2004-07-19)3
lpv:translated text	". This report is based on some facts and on one basic misunderstanding. The facts are those we saw in the social communication: the disturbing and unprecedented degree of instability in the world financial markets and the repercussions of this on the so-called ‘real economy’, with the surge in financial crises which become economic crises as a result of the ‘financialisation’ of the economy, to which the gradual integration of pension schemes for private profit and the increasing volume of pension funds have largely contributed. The mistake is to think that, by integrating the EU’s financial markets and establishing rules for minimum prudential supervision, under the auspices of new supranational bodies, and by increasing the powers of the Commission, we will resolve the problem of the financial markets’ volatility when the main issue is the ‘free’ international movement of capital and its speculative and parasitical use, with enormous volumes of money concentrated in pension funds and in hedge funds, frequently using the platform of tax havens and instruments that encourage speculation, such as derivatives. Furthermore, the fragmentation of the financial markets could be a positive factor in avoiding the risks of this financial globalisation, maintaining more localised supervisory systems and markets that are more flexible and adaptable to specific local characteristics."@en1

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