Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-16-Speech-3-058"
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"en.20100616.4.3-058"2
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"Madam President, the citizens of Europe expect the EU to have a strong international presence at the summit in Toronto and to come up with clear results, such as restrictions on derivative products and hedge funds, a bank levy for large banks based on the balance sheet total, for example, and clear limits on the exorbitant bonuses paid to managers. We must keep speculation with other people’s capital to a minimum and we must focus on the rating agencies. We need a neutral, independent control mechanism. In addition, the issue of liability in the case of false valuations must be clarified. Canada, Japan and Brazil have already spoken out openly against a bank levy. That is not surprising, because their banks did not need to be rescued with packages costing billions.
It is also important to me to make clear to you how short-sighted this approach is. We will not be able to get away without regulating the financial markets. Those people who have profited for years from risky speculation must be reminded of their obligations. We cannot simply ask citizens to take responsibility for the negative consequences of these people’s actions."@en1
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