Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-08-Speech-2-383"
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"en.20080708.36.2-383"2
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".
Opening up to trade and investment is a hallmark of European integration. Sovereign wealth funds have been around for a long time. In the current context of serious economic problems, as has been said, their capitalisation potential and the interest in this potential have increased. The opening up of strategic sectors and the assignment of essential public assets to private initiative is another characteristic of the European Union. However, it is important to guarantee that all operators, and sovereign wealth funds in particular, are guided by clear and transparent rules and that their objectives are compatible with the proper functioning of the markets, with fair competition between operators and with both short and long-term protection of the rights of European citizens.
We welcome the Commission’s commitment to a multilateral code of conduct, under the aegis of the International Monetary Fund. However, as is happening with hedge funds and private equities, a code of good practice is not enough. We would ask the Commission for an independent and much stronger guarantee that, in the internal market, the principles of transparency and governance will be duly respected by all financial operators, including these funds, based on European and not solely national or international criteria."@en1
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