Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-09-Speech-4-280"
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"en.20081009.25.4-280"2
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"This Parliament believes in the intrinsic goodness of the financial markets, in their capacity for resilience and self-regulation, which is why there are only minimal specific rules at European, and perhaps global, level.
However, what the current crisis proves is that exactly the opposite is true. We have been taken to the edge of the abyss by financial disintermediation, the global integration of the European financial sector, the widespread free movement of capital, the securitisation of the globalised economy and the game of a crazy market that creates products that are more and more complex and increasingly out of touch with real economic activity. The nation is the protector and it is the countries’ decisions that count in the current context.
The system of supposed free international competition has reached its limits and must be changed, starting with the European Union itself, whose policies and ideological leanings are partly responsible for the situation. Today it is proving its complete uselessness, since it is the states that are acting and reacting. Tomorrow it will prove its capacity to cause damage, since it retains the possibility of sanctioning the national safeguard measures, in the name of competition.
Yes, it is high time we put an end to that Europe."@en1
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