Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-06-Speech-3-374-500"
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"en.20110406.29.3-374-500"2
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"Since the entry into force of the Treaty of Lisbon, the Commission has had exclusive competence to sign and negotiate agreements on foreign direct investment. The report by Mr Arif is paved with good intentions, as is the road to hell. He is particularly concerned about the capacity of sovereign funds to do harm, speculative forms of investment, which must not be encouraged, the exclusion of sensitive sectors, social and environmental clauses, compliance with the principle of reciprocity, and the regulatory powers of Member States, all of which are issues he wants to see at the centre of future European policy. I think he is right, especially on the latter point. The financial interests of foreign investors absolutely must not be allowed to take precedence over the power of Member States to adopt binding social, environmental and fiscal standards. Yet that is what the Multilateral Agreement on Investments, which was fortunately never adopted in the World Trade Organisation (WTO), was proposing.
Yet the Commission supported this villainy! It is therefore an understatement to say that I have absolutely no confidence in this institution to defend, comply with or enforce the principles set out in the report. To give it today the exclusive power to negotiate ‘bilateral investment agreements’ in the name of, and on behalf of, the 27 Member States is criminal."@en1
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