Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-243-625"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-09-28"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20110928.19.3-243-625"2
lpv:hasSubsequent	lp_eu:2011-09-28-Speech-3-243-7502
lpv:speaker	lp:Gerald Häfner2
lpv:spokenAs	substitute; PETI (2009-07-16--2012-01-18)3 member; AFCO (2009-07-16--2012-01-18)3 substitute; Delegation to the Euronest Parliamentary Assembly (2009-09-16--2014-06-30)3 unknown; Bündnis 90/Die Grünen (2009-07-14--2014-06-30)3 member; G/EFA (2009-07-14--2014-06-30)3 member; JURI (2009-07-16--2012-01-18)3 substitute; Delegation for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN) (2009-09-16--2014-06-30)3 vice-chair; Delegation for relations with the Korean Peninsula (2009-09-17--2014-06-30)3 substitute; Delegation to the EU-Armenia, EU-Azerbaijan and EU-Georgia Parliamentary Cooperation Committees (2009-09-16--2014-06-30)3
lpv:translated text	"− The analyses on which this report and the entire ‘six pack’ are based do not go far enough. The same applies to the measures that have been taken. It is correct that a monetary union is not viable without a solid fiscal policy and sufficient economic convergence between the member countries. However, it is also correct that the current crisis was triggered when the EU Member States and the European Central Bank began supporting banks and financial institutions which had become unstable as a result of irresponsible speculation using hundreds of billions of euros of taxpayers’ money. In my opinion, this will not bring the crisis to an end or curtail the speculation. Instead, it will just fan the flames. The state guarantees will result in the speculation continuing at a low risk and with obscene profit margins. In the meantime, this speculation is now mainly directed against the states themselves. We cannot and will not win the race that has been started in this way, unless we put in place new and fair rules. These will definitely not include pocketing the profits of speculation while burdening taxpayers with losses of billions of euros. Instead, they will include, among other things, restructuring debt with a pro rata write-off by creditors, linking risk and liability, separating commercial and investment banks and only rescuing the commercial banks (which do not need rescuing anyway), but letting the casino banks go bankrupt, raising the capital requirements, limiting leverage, stricter regulation of the financial markets and a financial transaction tax."@en1

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