Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-10-08-Speech-4-098"
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"en.20091008.13.4-098"2
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"Madam President, we propose very seriously to exacerbate it. The cause of the financial crisis was excessive state intervention: first in the sense that interest rates were deliberately kept too low for too long, a political rather than a market decision – one in which all the central banks were complicit – and then in the sense that, as recently as last year, legislatures were urging lenders to make more cheap loans available.
So the G20 leaders get together and they say ‘What is the solution? More state intervention.’ I suppose, as Mark Twain once observed, that if all that you have is a hammer, everything starts to look like a nail. But the truth is that every action they have taken has, at best, been useless and, at worst, has actively deteriorated our situation: the bail-outs, the nationalisations, the pretence of going after tax havens (by which they in fact mean countries with more competitive tax rates than theirs), and the massive extension of state jurisdiction under the pretext of ‘contingency’. And now we want to reform the entire financial system. I will close with the words of my late countryman Mr Justice Asprey: ‘Reform? Aren’t things bad enough already?’"@en1
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