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65% of MEPs want greater political union to fight credit crunch

More than 65 per cent of EU parliamentarians favour greater political union to help overcome future financial crises, but only 21 per cent of UK and Ireland MEPs agree, according to Cicero Consulting.

Research from Cicero and online polling company ComRes shows that MEPs would like to see greater regulation of the financial services sector, but they are split on whether the EU needs to become more politically integrated.

The research also show that 49 per cent of MEPs blame the US for the current crisis and nearly two-thirds cite European light touch financial regulation as a causal factor.

However this fell to less than half of those MEPs representing the UK and Ireland.
A quarter of MEPs blames hedge funds for the crisis, compared to just 6 per cent citing the role of private equity funds.

Only 2 per cent thought that institutional investors should have exercised greater responsibility.

ComRes chief executive Andrew Hawkins says: “This research outlines where the current Parliament lays the blame for the current financial crisis, and how it should be addressed. With the social contract between the financial services sector and Governments at all levels being rewritten, it is now more essential than ever to understand the political insight of Members of the European Parliament, with the majority of the new raft of legislation emanating at the European level.”

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  1. Of course they do
    Any excuse to keep the gravy train going

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