Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-02-16-Speech-4-182"
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"en.20060216.20.4-182"2
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"More than five years ago, financial authorities, including the financier Mr George Soros, were already issuing warnings and calling on the governments of the world to adopt measures to ensure the stability and transparency of financial markets.
The proposed European Parliament resolution on the strategy for reviewing the International Monetary Fund is therefore correct in highlighting the role of this international institution in securing financial stability. The draft resolution also correctly points out that this task has not been fully implemented, as a result of a lack of transparent global scrutiny over the standardisation process in the area of financial markets. The full implementation of this task by the International Monetary Fund would undoubtedly have a positive impact on financial market stability.
Increasing pressures in the financial markets also result from the constantly increasing volume of trading in derivatives, with the United States of America playing a leading role. The volume of trading in derivatives has long since become many times greater than the volume of transfers in the real money sector. Developments in derivatives’ trading may therefore become a time bomb for the world’s financial markets and the world economy as a whole, and I believe that our report should give much more prominence to this issue. For this reason, I am going to support the resolution proposed by the rapporteur, Mr Hamon. I would also like to express my thanks for his work."@en1
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