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John Monks: nationalizing the banks? to seriously consider

(BRUSSELS2) John Monks is General Secretary of the European Trade Union Confederation. Originally from Manchester, a time close to Tony Blair, he was also one of the first to warn of the danger of hedge funds and the functioning of financial markets.

How do you judge this financial crisis, its implications in Europe?
It is very difficult to assess. We are only at the beginning of the crisis. And we are only beginning to see the consequences. What is certain is that this crisis is worrying, not only
for the banks and their employees, but also for the real economy, on inflation, growth, all workers. And no country can really claim to be immune. Some are more so than others: Italy, Spain, Ireland, the United Kingdom. And Germany to some extent.

What solution can we consider?
In the short term, financial institutions must intervene to avoid the fall. But we must also ask ourselves the question of an international regulation of the financial markets. Because it is an international crisis and not only American. The same rules must therefore be applicable everywhere, on both sides of the Atlantic, to ensure control of the banking system... This is important work that must begin immediately and must not be neglected.

Until the nationalization of the banks?
Yes. It needs to be seriously considered. The liberalization of the banking sector has failed. American or British deregulation is fully responsible for today's disaster. Irony of history. Even the "neoliberals" who attacked the welfare state, the "welfare state", yesterday, are nationalizing the banks today. Sweden nationalized all its banks after a financial crisis. She is no worse off. So why not this solution...


(published in Sunday West-France)

Nicolas Gros Verheyde

Chief editor of the B2 site. Graduated in European law from the University of Paris I Pantheon Sorbonne and listener to the 65th session of the IHEDN (Institut des Hautes Etudes de la Défense Nationale. Journalist since 1989, founded B2 - Bruxelles2 in 2008. EU/NATO correspondent in Brussels for Sud-Ouest (previously West-France and France-Soir).