Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-204"

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"en.20100209.13.2-204"2
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"Madam President, earlier we heard the programming statement by Mr Barroso and his new team of Commissioners. I personally was left with the impression that all of us who are members here are in the same boat, not the same armada. There is a huge difference. Based, therefore, on Mr Barroso’s programming statements, I look forward to the future of the Union being designed on the basis of stronger ties between the Member States, especially at economic, social and development level. However, I fear that there will be a huge increase in ‘stray’ capital, in ‘nomadic capital’ which moves and is moved on the markets. By promoting and then abandoning local markets, like a passing tornado, it is destroying the real economies and reaping profits with no real investment. The euro, of course, limited the potential for ‘stray’ capital to speculate on exchange rates. That, therefore, is the reason for the attack suffered today by Greece, which needs special support. Bearing in mind, therefore, that the European Union, according to the 2008 statistics, produces approximately 38% of global wealth, I think that, in the present monetary crisis, the European Union failed or did not wish to exert its powers of economic intervention on the global financial markets. I wish to send a message both to this Parliament and to all my fellow members; a message from Schumpeter. There is a creative destruction which will leave Europe, the European currency and Greece unscathed, but which is absolutely necessary in order to demonstrate, both to Greece and the other Member States, the solidarity of the Member States."@en1
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