15
Jan
2024
Watch
Amendments to the Markets in Financial Instruments Directive (MiFID II) - Amendments to the Markets in Financial Instruments Regulation (MiFIR) (joint debate - Markets in financial instruments regulations)
Madam President, I think in some ways this regulation is a little bit like trying to close the stable door after the horse has bolted. In 2007, the Markets in Financial Instruments Directive introduced competition in the market of equity trading in line with the objectives of the European Union, which made free movement of capital a fundamental freedom protected by the Treaties. Now this is neoliberalism unleashed. What did you actually expect would happen? It was inevitable that speculators were going to gamble on the markets in food and commodities, enabling them to make massive profits while pauperising and starving people in the process. We see the global food price crisis that we’ve witnessed, exacerbated by the war in Ukraine, really exposing the real nature of our society, which puts financial interests before the economic well-being of citizens. And while we may try to curb that power here and introduce transparency, the truth is that casino capitalism is uncontrollable. You can’t keep a tiger as a pet. Financial speculation is parasitic; it’s non-productive. It should be outlawed in totality. Full stop!