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Sarkozy: 'Laissez-faire' capitalism is finished

Speaking in Toulon on 25 September, French president Nicolas Sarkozy said the financial turmoil had highlighted the need to re-invent capitalism with a strong dose of morality, as well as to put in place a better regulatory system, EUobserver reports.

"The present crisis must incite us to refound capitalism on the basis of ethics and work … Self-regulation as a way of solving all problems is finished. Laissez-faire is finished. The all-powerful market that always knows best is finished," he added.

Sarkozy accused "this system that allows the ones responsible for a disaster to leave with a golden parachute" of having "increased inequality, demoralised the middle classes and fed [market] speculation." Read more (EUobserver)

29 September 2008