Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-11-Speech-3-158"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2004-02-11"^^xsd:date2
dcterms:Is Part Of	lp_eu:Corporate governance and supervision of financial services (the Parmalat case)2
dcterms:Language	"it"^^xsd:language2
lpv:document identification number	"en.20040211.6.3-158"2
lpv:hasSubsequent	lp_eu:2004-02-11-Speech-3-1592
lpv:speaker	lp:Benedetto Della Vedova2
lpv:spokenAs	member; Delegation for relations with the countries of South Asia and the South Asia Association for Regional Cooperation (SAARC) (2002-02-07--2004-07-19)3 member; ECON (2002-01-17--2004-07-19)3 member; NA (2001-10-03--2004-07-19)3 unknown; Lista Emma Bonino (1999-07-20--2004-07-19)3 substitute; Committee on Industry, External Trade, Research and Energy (2002-01-17--2004-07-19)3
lpv:translated text	"Commissioner Bolkestein, I welcome the initiatives that you announced beforehand and those that have been taken recently. Credit is due to you for declaring, right in the middle of the affair, that Europe was not immune to that type of scandal. I would like to make it clear to everybody that the Parmalat scandal is not about a sound company destroyed by financial wrongdoing; unfortunately for Italy, the Parmalat scandal is a case of a fraudulent and inefficient business that someone tried to save through financial wrongdoing. Today, quite rightly, we have been talking at length about controls. I think that the issue that needs to be faced is that of the role of central banks in individual States. Italy has given its central bank certain powers as regards competition, and therefore antitrust laws and plays a fundamental role in the running of banking activities and, as a result of those banking activities, in the industrial system as a whole. I think that this is an anomaly that needs to be eliminated and that Europe, the European Central Bank, the Commission and the Council must take measures to that effect. I also think that we have to act extremely cautiously, in response to the Parmalat scandal, when it comes to balancing controls and sanctions. It is all very well to increase controls, but we should not attempt to impose impossible restrictions on the financial market, which is crucial to Europe’s economic development. We are also looking at sanctions that, in the same way as controls, will serve to discourage fraudulent behaviour. In particular, we need to give consumers an important tool, class action, on the basis of Article 153 of the Treaty, which would be useful in discouraging fraudulent behaviour in any quarter."@en1

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