Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-28-Speech-4-195"
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"en.20050428.26.4-195"2
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".
The Financial Services Action Plan came into being one year before the ‘Lisbon Strategy’, yet it is one of its key pillars.
The purpose of creating an internal market for financial services and integrating the capital markets is not only to liberalise the movement of capital even further, not only to provide large multinational corporations with the means to restructure and acquire capital at the lowest cost, not only to speed up the process of acquisitions and mergers at European level, but mainly to manage the enormous flow of finance released by the gradual privatisation of national pensions systems.
It is not a little ironic that, although the rapporteur is not satisfied, 39 of the Plan’s 42 legislative measures have already been adopted. In other words, the targets of this Plan are those areas with the best implementation, in light of the unambitious social targets set by the ‘Lisbon Strategy’.
What is more, all of this is wrapped up in technical jargon, is almost devoid of prudential rules, and leaves self-regulation to the discretion of those operating in the sector. More jobs and economic growth are promised, but the impact of the increasingly financial focus of the economy is shown in stark relief by the high number of financial crises at both regional and world level and by the drain of investment from production to capitalisation and speculation."@en1
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