Brussels, 14/11/2006
The ETUC General Secretary first describes this new finance-based capitalism, mainly focused on quick returns, resulting in redundancies and increasing inequalities. The emphasis is put particularly on hedge funds which characterise this new capitalism very well, and present risks for economic stability, traditional industry and jobs.
John Monks then presents possible trade union responses: “Firstly, we should stop according financial services a specially privileged place” he explained. Corporate wrongdoing should be exposed fiercely, worker shareholder power should be mobilised; instruments to foster productive investment, research and development and innovation should be revisited and the European dimension fully used.
Speech by John Monks, General Secretary of the ETUC
