Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-08-Speech-2-390"

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.20080708.36.2-390"2
lpv:hasSubsequent	lp_eu:2008-07-08-Speech-2-3912
lpv:speaker	lp:Harald Ettl2
lpv:spokenAs	member; Delegation for relations with India (2007-03-15--2009-07-13)3 substitute; ECON (2007-01-31--2009-07-13)3 member; PES (2004-07-20--2009-07-13)3 unknown; Sozialdemokratische Partei Österreichs (2004-07-20--2009-07-13)3 member; EMPL (2007-01-31--2009-07-13)3
lpv:translated text	"Madam President, sovereign wealth funds have come into the spotlight, especially since last year when China declared its intention to invest USD 3 billion, only USD 3 billion, of its fund reserves in private holding companies. The capital held in sovereign wealth funds now totals well over USD 3 trillion, which is twice as much as that held in hedge funds: reason enough for us now to look into this whole business. So far we only know of a transparent Norwegian system that operates good governance. However, just like private venture capital, sovereign wealth funds can cover up exactly who the entrepreneur is. Sovereign wealth funds can invest strategically and can grow rapidly. Transparency is therefore urgently required. Employee rights can be restricted and employment conditions altered as a result of corporate transfers that have been influenced by sovereign wealth funds. Transparency and due notification is therefore needed in this area. Another point worthy of mention is that the IMF, the US Treasury Department and the German Chancellor are calling for increased controls and regulation. It certainly seems that we need to do something."@en1

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