Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-11-26-Speech-3-159-000"
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"en.20141126.18.3-159-000"2
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"Madam President, the way to deal with wrongdoing in banks is not to sanction them with fines that they will pass on to their customers. It is to make the directors of the Bank personally liable. They would then have more incentive than anybody to prevent a meltdown which would leave them with nothing except personal debt.
It is a funny thing about sanctions, the way they create perverse incentives. When the euro was being launched, there was a mechanism to sanction countries that breached the Stability Pact and thereby played some part in triggering the financial crisis. It was never used. France and Germany were among the infracting states. It was never triggered, and yet we have in practice a fine against those countries which performed better than expected – including the UK, because we did not join the single currency. In practice, this GBP 1.7 billion that has been levied on us in a surcharge for prosperity is what we got for having kept the Pound.
You know, it is a funny thing, but if you start taxing countries for doing the right thing in order to pay countries for doing the wrong thing, you are going to end up with fewer of the former and more of the latter."@en1
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The resource appears as object in 2 triples