Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-098"
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"en.20080922.19.1-098"2
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"Madam President, the financial crisis has shown that the various financial operators are interlinked. Their conduct has weakened the financial markets and the real economy: growth and employment.
Achieving open, competitive and reliable markets is not something that occurs by happy chance; this is shown by the experience in Europe. The fragility of the financial markets also requires political action at European and international level.
It must remain clear that to innovate does not mean to imitate the old practice of privatising profit and socialising losses or that to diversify means to transfer the costs of decisions made by a few people to society as a whole.
The European Union cannot just do nothing in the current crisis. The rapporteur, Mr Rasmussen, has taken the initiative and had the vision to propose that hedge funds and private equities, which hold assets amounting to over 4.5% of world GDP, are not free of responsibility towards society and must be subject to intelligent regulation and supervision. I congratulate him for this and support him, as I do Mr Lehne for his report on transparency."@en1
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