Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-084"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-09-22"^^xsd:date2
dcterms:Is Part Of	lp_eu:Hedge funds and private equity - Transparency of institutional investors (debate)2
dcterms:Language	"es"^^xsd:language2
lpv:document identification number	"en.20080922.19.1-084"2
lpv:hasSubsequent	lp_eu:2008-09-22-Speech-1-0852
lpv:speaker	lp:Manuel Medina Ortega2
lpv:spokenAs	unknown; Partido Socialista Obrero Español (2004-07-20--2009-07-13)3 substitute; Delegation for relations with Canada (2007-03-14--2009-07-13)3 substitute; IMCO (2007-01-31--2009-07-13)3 member; PES (2004-07-20--2009-07-13)3 substitute; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2009-07-13)3 member; JURI (2007-01-31--2009-07-13)3 member; Delegation for relations with the countries of the Andean Community (2007-03-14--2009-07-13)3
lpv:translated text	"Madam President, despite the fact that the speaker who preceded me is from a different political group, I am in total agreement with him: we cannot leave the financial markets in the hands of financial managers. It is like leaving cheese to be looked after by mice. Self-regulation and voluntary codes of conduct are no use. As Commissioner Matridis said earlier, the thing that is saving the European financial markets is the existence of regulations, national regulations because each of our countries has regulations which work and are preventing the financial catastrophe in the US markets from spreading to Europe. What lesson can we draw from this? That Europe cannot copy the United States in financial deregulation. If our goal is to protect our economy and our economic and social system we have to have European-wide regulation but we must not replace national regulation with supranational deregulation as in the United States, where the system allows managers of companies to get rich on the back of poor investors, pensioners and people who depend on that capital. I believe, therefore, that the lesson we must learn is not to deregulate but the reverse: it is that we need to adopt European regulations on all these aspects. That, to my mind, is the core of both the Rasmussen and the Lehne reports: the need to establish European financial regulation. There is much talk of the European passport, of giving a passport to undertakings to allow them to move throughout Europe in complete freedom but how can we grant the passport if we cannot be sure that those undertakings are subject to detailed regulation in their country of origin? To do so would be to invite another supranational financial catastrophe. The regulations in the Lehne report contain a number of indications or recommendations on, for example, the actions of fund managers. We should know how those funds are being managed; and especially, we should know about the profits they earn through, for example, the purchase and sale of shares. I believe this is essential. Transparency must be combined with very strict regulation with the option for intervention at the appropriate time without waiting until the market has collapsed, as is the case in the United States at the moment, only for tax-payers’ money to be used to right all the wrongs committed by people who have abused their position. Therefore, Commissioner, I urge you to use your position to try and establish a genuine Community system for regulation of these sectors so that we do not follow the path of self-regulation or deregulation."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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