Mr. Speaker, we are witnessing the rise of a new philosophy in world financial markets.
After the Mexican financial crisis in 1995, the Asian crisis, whose effects we are still feeling, the problems in Russia and the turbulence in Latin America, a new trend is developing.
It is now clear to us, as it was already to George Soros, the most prolific speculator in the world, and to hard-line free trade economists, that we must attempt to control large-scale movements of capital within the global economy. That having been said, although everyone has identified the problem, different solutions are being recommended.
One solution that could be tried is that of professor James Tobin, winner of the Nobel prize for economics, who suggests a small tax on currency transactions to reduce runaway speculation. The Bloc Quebecois agrees with the principle of such a tax, as shown by our support for Motion M-239 introduced by our New Democratic Party colleague.
It is high time that parliamentarians had a better understanding of these economic phenomena so that we can moderate their negative impact and avoid a financial crisis.