Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-08-Speech-2-384"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-07-08"^^xsd:date2
dcterms:Is Part Of	lp_eu:Sovereign Wealth Funds (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20080708.36.2-384"2
lpv:hasSubsequent	lp_eu:2008-07-08-Speech-2-3852
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Delegation to the EU-Mexico Joint Parliamentary Committee (2004-09-15--2009-07-13)3 substitute; IMCO (2007-02-05--2009-07-13)3 member; ECON (2007-01-31--2009-07-13)3 substitute; Delegation for relations with Australia and New Zealand (2007-03-15--2009-07-13)3 substitute; Delegation for relations with Switzerland, Iceland and Norway and to the European Economic Area (EEA) Joint Parliamentary Committee (2004-09-15--2009-07-13)3 unknown; Freie Demokratische Partei - Die Liberalen (2004-07-20--2009-07-13)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2009-07-13)3 member; ALDE (2004-07-20--2009-07-13)3
lpv:translated text	"Madam President, ladies and gentlemen, sovereign wealth funds have increasingly become the topic of conversation in recent months because they have been dealing in the European and US banking sector. Many believe that this involvement is just the first step and that sovereign wealth funds are now lining up for a massive shopping spree that will end with many companies in Europe and possibly elsewhere too coming under their influence or even under their control. Here the fear of political influence is mingled with the anxiety that at the very least an attempt might be made to gain access to technologies that would otherwise not be accessible, especially since we are now dealing with partners and market players that have not previously been active on the international stage, namely sovereign wealth funds from Russia and China. The money is certainly there. With more than USD 3 billion to hand these operations have now twice as much under their charge as the international hedge funds. However, from a historical viewpoint it has to be said that there is no evidence to support this assumption. The funds – as has already been pointed out – have so far always proved to be good shareholders. They are interested in the long-term, positive development of their business and hence in obtaining a good, long-term rate of return on their investment. Nevertheless we should not be wide-eyed and naive as we watch these events develop. We need a set of rules, but we do not want to have isolationism or protectionism, for sovereign wealth funds are, after all, an example of the fact that the free capital market is working and it is in our interest that this remains so. We Liberals therefore support the Commission in its approach and in its call for a code of conduct and we hope that such a code will really bring transparency, that the basic motives for the investment of these sovereign wealth funds become clear and that the funds themselves apply good corporate governance and stick to it. However, we need an EU-wide solution – not 27 different EU solutions – and we need an international solution too. I therefore welcome what the Commissioner has said, namely that intensive talks are now under way with the OECD and the International Monetary Fund. Over the years the free movement of capital has contributed to growth in Europe and in the world at large. We must not endanger this in the future through overregulation and protectionism but rather should abide by our free market principles."@en1

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