Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-07-03-Speech-3-315"
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"en.20020703.10.3-315"2
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"Mr President, I congratulate the rapporteur, Mr Berenguer Fuster, on the excellent work he has done. Over the last decade, financial investment has become increasingly important both quantitatively and qualitatively, geared towards better resource placement and anticipated cost savings. Thanks also to developments in information technology, there has been a clear, decisive process of globalisation and concentration, which has brought considerable benefits in the development of investments and productive activities but has also generated crises that have destabilised banking and financial systems in developing countries. The negative effects have spilled over into production and employment, and sometimes into the living standards of broad sections of society in these countries.
While it is true that concentrations have developed the economic systems of certain countries, which, through their tried and tested stability, have been able to benefit from the opportunities they bring, it is also true that concentrations should be able to favour initiatives to strengthen international support, which must aim at introducing reforms to encourage integration in world trade. Often, however, market mechanisms, which encourage and sustain concentrations, show obvious limits and can create severe hardship in that part of the population that remains excluded from the advantages that such situations can create. If economic concentrations are based only on the share golden value, or the optimisation of the value of the company, they will come into serious conflict with other market operators and consumers.
In banking markets, where the dominant trend is towards concentrations and the exclusive pursuit of profit, the consequences of this are easy to see. The Cruikshank report – this is the second time I have reminded you of it, Commissioner – considers that the British banking market has a degree of concentration that is bad for the consumer. The fact that the four largest commercial banks hold such large market shares leads to disproportionately high charges and prices and a poor supply of products and services to private and business customers."@en1
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