Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-02-16-Speech-4-185"

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"Mr President, I should firstly like to thank the rapporteur for a generally constructive report. I share most of the views expressed in it. The report contains an in itself unobtrusive, but nonetheless clear, criticism of the International Monetary Fund’s structural programme and of the conditions imposed on recipient countries. Such criticism is crucial because this policy has, in actual fact, exacerbated poverty and increased social problems in many countries. It is therefore vital that the issues highlighted by the report, namely the fight against poverty and the need to achieve the Millennium Goals, be incorporated as overarching objectives of IMF policy. In the longer term, this type of institution ought no doubt to be a part of the UN system and of a coherent development policy. I also join in the criticism of the lack of democracy in the IMF. What is crucial in this area is that the developing countries should have more power, and what is perhaps most important in this respect is their need to be given a fairer share of the votes when decisions are taken. Democratisation must, however, also mean that a developing country can be given the Managing Directorship. This post should not go automatically to one or other of the richest countries. Democratic control within the EU should also increase, but it should be exercised by the national parliaments. I do not think it would be fair to transfer power over IMF policy to the EU institutions, and I am therefore opposed to Amendment 5. I believe that policy within the World Trade Organisation is a shocking example of a lack of democratic control over EU policy. For many years, there has been a prevailing tendency to place undue confidence in deregulation and free currency speculation. The majority of monetary movements are now downright speculative. If macroeconomic stability is to be achieved, there is a need for self-protection against these trends, at both national and international levels. We have tabled an amendment of our own which is, I suppose, in keeping with the demands for increased democracy in the IMF and through which we wish to increase scrutiny, and we hope that it will be adopted. We shall vote against the proposal by the Group of the European People’s Party (Christian Democrats) and European Democrats, but in favour of most of the proposals by the Socialist Group in the European Parliament."@en1

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