Regulation is what keeps bankers out of prison – Godfrey Bloom MEP

Published on Jun 12, 2013 |
European Parliament, Strasbourg, 12 June 2013

• Speaker: Godfrey Bloom MEP, UKIP (Yorkshire & Lincolnshire), Europe of Freedom and Democracy (EFD) group –

• Debate: Financial services: Lack of progress in Council and Commission’s delay in the adoption of certain proposals
Oral questions – [2013/2658(RSP)]
Followed by a round of political group speakers
The vote will be held on Thursday
Sharon Bowles (O-000063/2013 – B7-0208/2013)
Committee on Economic and Monetary Affairs
Lack of progress in Council on financial services files
– Sharon Bowles (O-000065/2013 – B7-0209/2013)
Committee on Economic and Monetary Affairs
Delay in the Commission’s adoption of financial services proposals


Thank you, Madam Chairman,

Commissioner [Barnier], I am not without some sympathy – as a matter of fact – with the Council on this, because you are trying to do the impossible, and I think the parliament is trying to make you do the impossible.

The long-and-short of it is, as well known in Austrian Economics, in order to regulate financial services you would need perfect knowledge of the market – impossible, it cant be done. It’s sometimes known as the ‘fatal conceipt’.

What we need to go back to is ‘liberty of contract’, so the individual, the investor can contract, under law in a property-owning democracy, with whomsoever banker or investment manager he wants without interference of the state and the implicit guarantee of the taxpayer that goes with it.

Central bankers and retail bankers hide behind regulation. They are not dominated or guided by regulation! It’s what keeps these people out of prison when they cheat the general public, and ytou are part of the conspiracy.

Move away from prescriptive regulation, for goodness sake, and let the law of the land take its course.

• Video: EbS (European Parliament)

• EU Member States:
Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, United Kingdom

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