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Gold/Mining/Energy : Euro Impact on Gold, USD ...
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To: banco$ who wrote (110)12/12/1998 2:19:00 PM
From: banco$   of 289
 
"loss of more than 10 million jobs, mainly in the emerging economies."

Tackling the international financial crisis
(A4-0441/98 - Randzio-Plath)

Reporting for the Economic and Monetary Committee, Christa Randzio-Plath (D, PES) will be putting forward a number of ideas for tackling the present international crisis which started in Asia over one year ago and has so far cost hundreds of billions of dollars and the loss of more than 10 million jobs, mainly in the emerging economies.

Mrs Randzio-Plath blames poor supervision of the financial sector and 'crony capitalism' with banks lending unsustainable amounts as the main reasons for the crisis.

Her draft resolution is therefore calling for increased transparency in the operations of the financial markets and stricter monitoring of international banking activities. The Commission should play a more active role in pushing for common standards within the EU. Proposed codes of conduct by international institutions such as the IMF are therefore welcomed and should include qualification for financial trades. However, Mrs Randzio-Plath believes there is a need for a substantial reform of the international financial institutions which are now 50 years old. There is also a call to reduce the debts of the poorest heavily indebted countries.

As far as the EU is concerned, Mrs Randzio-Plath thinks there is a need for the Commission to draw up an action plan to prepare Europe for the worst eventuality.

Votes without debate

europarl.eu.int
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