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Redefining the term "bank robber"

Date

19 May 2010

Sections

Euro & Finance

Lothar Bisky, Chairman of the GUE/NGL group in the European Parliament on the Commission's proposals for strengthening economic policy coordination:

"Dogged insistence on the failed of the Stability and Growth Pact is a far cry from sensible economic policy coordination."

In today's European Parliament debate on economic policy, GUE/NGL MEPs attacked the Commission's current proposals denouncing the nationalisation of losses and privatisation of profits that has characterised this crisis. "Banks should not operate on the back of taxpayers' money", Bisky said, "one thing is for sure: the term 'bank robber' will have to be redefined given the current conditions."

Bisky criticized the lack of will among European leaders to deliver a social union: "The EU must be more than a single market with a common currency. We need sustainable effective regulation of the financial sector, a ban on hedge funds and tax havens" he said, calling for coordination and upward harmonization of social standards.

He welcomed the u-turn by centre and right-wing politicians who have now come out in favour of a financial transaction tax but added that "action is needed, rather than mere talk".

GUE/NGL PRESS:

Gianfranco Battistini + 32 475 64 66 28

David Lundy + 32 485 50 58 12

Sonja Giese + 32 486 94 50 21

www.guengl.eu

Gauche Unitaire Européenne / Gauche Verte Nordique

European United Left / Nordic Green Left

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