Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-296"

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"Madam President, Commissioner, ladies and gentlemen, unfortunately, seen from our point of view, this crisis has necessitated a restructuring of our continent’s banking landscape, but has not led to the emergence in Europe, to speak plainly, of a group of serious financial operators genuinely able to plan the future framework of the markets. This is not apparent, and cannot be seen. One thing is, however, certain: all the regulations envisaged by the G20 will remain as just many words if tax havens remain inviolable. That is the major issue which is missing, and which is not mentioned in the official discussions of the Member States; those tax havens that make it possible to completely circumvent the rules that we wish to put in place, that are being promised on the financial markets. When he was a senator, President-elect Obama proposed severe measures against tax havens and we may well wonder whether, as a new president, in view of the web of high finance that seems to have controlled movements and, above all, in view of generous multimillionaire funding of the elections, he will have the courage to act on this issue and to convince not only the United States but also Europe and, in particular, Great Britain. I believe that instead of general declarations of principle we ought to ask for effective, concrete initiatives to be adopted, that are truly capable of bringing about a recovery of the economy and production, as is needed to prevent further economic crises and to escape from the current crisis. In view of the current situation, featuring general and widespread indebtedness of the market and violent deflation due to insufficient monetary circulation, it is absurd to suggest further indebtedness of the Member States to private central banks to provide liquidity to the credit system itself and to the consumer market. I would like to end with one remark: it seems to me certain and clear that there is a chance that the crisis will lead to the proposal of a world body for the economy, as well as for politics; that world order which until a few months ago was feared by all, avoided by all but which today we seem to feel has become inevitable, and to be welcomed as if it were salvation. No to globalisation!"@en1
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