Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-08-Speech-2-385"
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"en.20080708.36.2-385"2
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"Sovereign wealth funds have been active on the financial market for more than 50 years. The funds in sovereign wealth funds have increased enormously in recent years in, for instance, China, Russia and the Arab states.
The purpose of sovereign wealth funds is to invest surplus state reserves to yield profits. These countries may well, I think, be entitled to seek the best way to invest their reserves in foreign currency, so I take a positive view on the contribution of these funds. The funds improve the liquidity of the financial markets and create growth and jobs. They also contribute to investment for the longer term. They create stability for the companies they invest in. We should, therefore, continue to allow them the scope to invest. These funds can, however, bring threats along with them too. We will have to look at the type of investments they are making and whether they meet the requirements for transparency.
There is still not complete clarity about the political involvement in these sovereign wealth funds. The disadvantage of this lack of transparency is that it can result in growing uneasiness on our part about these sovereign wealth funds. The Commission should, therefore, take action and that is a good thing. Otherwise countries will deal with these sovereign wealth funds at a national level. I am against too much national policy on this. Europe is the right level to respond to this and we should have a common response.
It is important to have a coordinated position at European level. I am pleased, therefore, with the response of the Council and the Commission to collaborate closely at the level of the IMF and the OECD. I look forward to seeing the guidelines that the IMF, the World Bank and the OECD develop and I hope that they will incorporate transparency, good governance and reciprocity.
When it comes to reciprocity, I take the view that we should confine ourselves to the sovereign wealth funds. We always want private investors, but we can require reciprocity from sovereign wealth funds."@en1
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