Déclaration du Parti Vert Européen

Put Capitalism on a Green Leash

Declaration du Parti vert européen sur la crise financière adoptée le 12 octobre 2008

Publié le dimanche 12 octobre 2008.

The last few weeks have witnessed the collapse some of the most powerful banks in the world, the nationalisation of American and European banking institutions, the injection of hundreds of billions of euros of liquidity by central banks and a dramatic downslide of the stock markets. So far, the markets have proved unable to find a solution to the crisis that they created in the first place and to stem its disastrous consequences for the hundreds of thousands of people who will lose their homes or their jobs and for the enterprises confronted with an unprecedented credit crunch. These are just a few of the detrimental effects of financial neo-liberalism. Hopefully, this will signal the end of the era of financial deregulation that has been pursued by right and left Governments alike since the late 1970s. It is remarkable that 40 years later, some of them still defend the fiction that markets will regulate themselves, optimising processes and ensuring liquidity and that creating wealth for the richest will trickle down and benefit all. The US and EU must take charge of financial capitalism as it stands today and have to find and implement an adequate regulation system. However, before we can develop and implement coherent regulations, we must understand the underlying causes of the financial crisis - and these causes are not solely related to finance. The roots of the problem are to be found in ideologies and conscious political choices which go beyond the financial world. It must lead to changes in the way financial markets are regulated but also changes in matters regarding (in)equalities, taxation, redistribution of income and the management of the end of the era of cheap petrol.

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