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French candidate Hollande: 'My adversary is finance'

Tuesday 24 January 2012 - by David Marsh


On top of injustice in choice and inconsistency in decision-making, we have endured seizure of power and collusion with the powerful, with the ultimate paradox that the desire for omnipotence has brought the most abject confession of failure. That is why I want to change not just a president, a government or a majority. We must go much further: we need to provide our country with a change of policy, a change of perspective and a change of dimension.

If finance is our enemy, then we must confront it with our own means, first of all on our own territory, tempered neither by weakness nor by lack of realism, believing it will be a long battle and a hard test, but one where we will demonstrate that we, too, are armed for the struggle.

Defeating the forces of finance will start with a law that will oblige banks to separate credit activities from speculative investment banking. No French bank will be allowed to operate from a tax haven. Toxic financial products that bear no relation to the needs of the real economy will be banned, pure and simple. Stock options will be cancelled, and we will bring in limits on bonuses.

Finally, I propose a tax on financial transactions, not simply a restoration of stamp duty, which was removed a few months ago - so much for consistency! No, I will propose a real tax on financial transactions, along with those in Europe who stand ready to implement them with us. I propose, too, if we wish to avoid being judged by rating agencies of questionable legitimacy, that we set up, at a European level, a public rating agency.


The other point with respect to finance concerns Europe. The euro area is being dismantled before our eyes. France must recover, once again, the ambition to change the direction of Europe. We must convince and drive forward our partners.

I am often asked: 'But how will you persuade your allies in Europe to agree, when the outgoing president was unsuccessful?' I answer: power to convince our neighbours will come from the power of the French vote. The destinies of Europe and France are linked; the grandeur of France cannot be separated from the force of Europe. We need Europe; but it should help us overcome the crisis, not impose endless austerity leading to a spiral of depression.


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