Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-401-000"
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"en.20121120.28.2-401-000"2
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"I voted in favour of this report, the purpose of which is to shed more light on ‘shadow banking’. Shadow banking is the system of entities and bodies that operate in parallel with and sometimes obscurely compared with the traditional, better regulated financial markets. Last year it was estimated that the shadow banking system’s turnover was around 50 000 billion euros, a shocking figure that is significantly higher than in previous years. It is easy to understand how such a large figure can affect the traditional markets, and the very negative role this sector played in the current financial crisis has justifiably drawn criticism from a number of quarters. The report therefore proposes better monitoring of this activity and its implications for and interconnectedness with the ‘official’ banking system. Finance was what caused this crisis, which is now affecting the real economy and industry, and it is therefore right and necessary that we take any measures we can that could lead to greater transparency and regulation of the sector, which is so important but cannot and must not cause the ruin of every citizen."@en1
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