Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-245"
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"en.20080924.31.3-245"2
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".
Madam President, the first news item when I switched on the car radio on my way to the airport early on Monday morning was that my bank was undergoing a serious financial crisis. Fortunately I am just a saver so I shall not lose any money – but shareholders are in tears. The worldwide financial crisis has reached my little bank. The heart of the problem lies in the development of globalisation – not least the right for capital to move freely across borders. We have seen unheard-of speculation, with no aim other than a profit for some owners. This practice only goes to harm the real economy, just as we are seeing now, with speculation on the US housing market triggering an international financial crisis.
Therefore, there should be an end to the thinking that the free movement of capital is the way to growth and wealth. This free movement only benefits speculators and tax evaders. I dare say that ordinary citizens and people wishing to invest in companies and finance the purchase and sale of goods can live with controls on who moves large amounts of money across borders and for what purpose. Controls on capital movements would give democracy greater insight and opportunity for influence.
What is the solution to the immediate crisis, then? A safety net funded by taxpayers is guaranteed to increase aggressive, speculative foreign policy in the financial sector and promote the worst of capitalism. The banks themselves must clear up after crashes and crises; it is not up to national banks and thus taxpayers to do this. Danish financial consultant Kim Valentin suggests a rescue fund financed by the banks themselves. It is crucial that the banks’ contribution to the new fund is large enough to give them a real interest in keeping an eye on one another and intervening when a crisis looms, as they themselves must pay to clear it up.
I propose that we use the EU to lay down tough rules on the size of banks’ rescue funds. This would also help us fulfil the wish of UN Secretary-General Ban Ki-moon for a responsible global economic policy. The banks must stop behaving like children who have never tried falling down and do not know that they can hurt themselves."@en1
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