Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-07-09-Speech-4-1044-265"
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"en.20150709.42.4-1044-265"2
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"I voted against this resolution which forms part of the Commission’s public hearing process on a future Capital Markets Union which was launched in February this year. The Commission argues that small and medium-sized enterprises should not rely too heavily on the conventional banking sector in order to obtain finance and that they should be able to access funding elsewhere.
Furthermore, the Commission is attempting to duplicate the US model where companies are mainly financed by capital markets and shadow banking activities. It also fails to factor in the very real concern that the financial crisis has shown that traditional banking has provided more lending to the real economy than universal or investments banks.
What is required is a focus on public banking and local banking and not a revival of shadow banking.
As we have seen, a focus on short-term growth is dangerous and as long as systematic risks have not been comprehensively addressed we have not truly reduced the risk of future crises and related costs on both the economy and citizens lives. Irish Citizens are still experiencing the results of such negligence and disregard in their daily lives."@en1
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