Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-376-312"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-05-11"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20110511.28.3-376-312"2
lpv:hasSubsequent	lp_eu:2011-05-11-Speech-3-376-2502
lpv:speaker	lp:Ilda Figueiredo2
lpv:spokenAs	vice-chair; Delegation for relations with the countries of Central America (2009-09-16--2012-01-17)3 unknown; Coligação Democrática Unitária (PCP-PEV) (2009-07-14--2012-01-17)3 vice-chair; EUL/NGL (2009-07-14--2012-01-17)3 vice-chair; EMPL (2009-07-16--2012-01-17)3 member; FEMM (2009-07-16--2012-01-17)3 substitute; ITRE (2009-07-16--2012-01-17)3 substitute; Special committee on the policy challenges and budgetary resources for a sustainable European Union after 2013 (2010-06-17--2011-06-30)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2012-01-17)3 substitute; Delegation for relations with the Mercosur countries (2009-09-16--2012-01-17)3
lpv:translated text	"The only important points that the report makes are the acknowledgements that ‘the financial sector should meet the needs of the real economy, help to promote sustainable growth and display the greatest possible degree of social responsibility’, and that ‘during the recent financial crisis, many financial institutions around the world failed at great cost to the taxpayer’. It even claims that some financial institutions and authorities did not understand the nature, amplitude and complexity of the risks they incurred. However, the report does not then make the correct inferences, limiting itself to questions of ethics in the behaviour of some people involved in the financial institutions and markets, as well as to creating a governance system which is effective and adequate in terms of risk management, compliance with regulations, and so on. Of course, these proposals could slightly improve the working of the banks over time, but they do not change the exploitative nature of the system, or its principal objective of increasing profit and speculative endeavours. The report does not, therefore, touch on the central issue: public and democratic control of the entire financial sector. That is why we voted against."@en1

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