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Banker rule must be broken or crisis will persist


13 Dec 2011


Euro & Finance

"That the EU summit did not succeed in bringing about a breakthrough to solve the global financial crisis is beyond doubt," said GUE/NGL President Lothar Bisky responding to Commission and Council statements on the outcome of the 8-9 December summit.

"The much sought-after "trust" of the markets presupposes that markets are rational and ignores the greed for short-term profits as the key driving force of market activities", President Bisky explained.

"The causes of the financial crisis are manifold but the lack of control or monitoring of financial markets was its main motor. As a first step, the international transaction tax must now be implemented quickly. Next, the most dangerous new financial products must be simply prohibited. The EU must show an example globally - and if EU banks evade regulation in other parts of the world, they should face a 'no-bailout' threat in times of crisis. Ultimately, their work must be carried out under state supervision or they should be nationalised."

MEP Bisky described the consequences of the ongoing international crisis since 2008 for the vast majority of citizens as "intolerable". "The policy of the past 15 years has led us into the crisis and therefore must be stopped and reversed."

"The best example of the loss of confidence and democracy is the establishment of governments of technocrats. Ironically, bankers who are responsible for the financial crisis are the ones in charge now - setting a thief to catch a thief. The only question left is how long the patience and endurance of citizens continues," he said.

"The elimination of the European Parliament from the establishment of a fiscal union and the fact that the elected people's representatives will merely observe the process of drafting the deal is a disgrace. This is another building block for frustration and growing disenchantment with politics," Lothar Bisky concluded.

Asking Commission President Barroso for explanations on the eurospeak used in the agreement drawn up at last week's Summit, MEP Paul Murphy said "the Agreement is in fact a continuation of the attack on democratic rights that has seen you carry out silent coups in Greece and Italy imposing government by the bankers for the bankers?"

"Despite your evident lack of respect for democracy," he asked Barroso to guarantee that he "would not interfere with the legal and political right of the people of Ireland to a referendum on this question."

GUE/NGL Press Contacts:

Gay Kavanagh +32 473 84 23 20   

David Lundy +32 485 50 58 12

European United Left / Nordic Green Left

European Parliamentary Group 


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