Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-25-Speech-4-069"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-09-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:Vote (continuation)2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20030925.7.4-069"2
lpv:hasSubsequent	lp_eu:2003-09-25-Speech-4-0702
lpv:speaker	lp:Ilda Figueiredo2
lpv:spokenAs	member_of_the_bureau; EUL/NGL (2002-03-06--2004-07-19)3 unknown; Partido Comunista Português (1999-07-20--2004-07-19)3 member; EMPL (2002-01-17--2004-07-19)3 substitute; AGRI (2002-01-17--2004-07-19)3 substitute; Committee on Women's Rights and Equal Opportunities (2002-01-17--2004-07-19)3 member; Delegation for relations with the Mashreq countries and the Gulf (2002-02-07--2004-07-19)3 substitute; PECH (2002-01-17--2004-07-19)3
lpv:translated text	". The Commission wants to update the legislation that has governed the financial markets since 1993, a central, structural element in the creation of a European capital market, the final objective of the financial services action plan included in the ‘Lisbon Strategy’. The report supports the main thrusts of this directive, despite the differences in ISD model championed by the investment capital lobbies – between the choice of a model known as the ‘Anglo-Saxon’ model, in which investment firms compete fiercely with the stock exchanges, backing the City of London and opening the door to US investment capital, and a system known as the ‘continental’ system, more firmly based on the stock exchanges and preferred by French investment capital. What is at stake, then, is market domination by the investment capital of one country or another, while the degree of liberalisation of such capital and its various operators increases, raising enormous amounts of capital through pension funds and the privatisation of social security. At the same time, elementary prudential rules and the transparency of operations are also at stake because of their cost. This objective, which we reject, is supposed to be efficient, but has contributed to the increased instability and volatility of the financial markets, with impacts on the real economy and consequences for economic growth and jobs."@en1

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