Mr. Paul Murphy, MEP:

The point pertains to what I am not in favour of. I accept the logic of the markets. If one accepts the markets rule and they are in private hands, the logic then is one must compete on a world scale as to who can have the lowest corporation tax rate, the lowest wages, etc. There is a certain logic to that position but I am in favour of rejecting the rule of the markets. The way to do this is to act in respect of the markets, as in Goldman Sachs, the major banks, the hedge funds and the financial institutions.

They should be nationalised. They should be taken into public ownership and we should use their resources and plan in the interests of people, as opposed to them being run for private profit.