Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-143"
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".
Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Burg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Burg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Burg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Burg report.
Both Mrs van den Burg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@en4
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"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@cs1
"Hr. formand, som jeg antydede tidligere, markerer denne betænkning starten på en ny æra inden for de finansielle tjenesteydelser. Jeg takker fru van den Burg for hendes meget stimulerende betænkning og det store arbejde, hun har lagt i den.
Der er medlemmer, som har rejst andre problemer, som jeg håber vil blive taget op i den kommende tid.
Afslutningsvis vil jeg henvise til, hvad jeg tidligere har sagt: Der er en betydelig grad af konvergens mellem tankegangen i Parlamentet, Rådet, sektoren selv, forbrugerne og Kommissionen. Jeg er overbevist om, at de kommende fem år vil frembyde en stor udfordring. Da grunden til et godt samarbejde mellem institutionerne er lagt, er jeg sikker på, at vi får succes.
På basis af denne betænkning og vores høringer af andre involverede agter jeg i næste uge, den 3. maj, at forelægge en grønbog om politikken for finansielle tjenesteydelser i de næste fem år for den samlede Kommission. Jeg vil mere detaljeret forelægge denne rapport for Økonomi- og Valutaudvalget den 9. maj. Kommissionens grønbog vil være åben for offentlig debat indtil 1. august. Vores endelige politiske konklusioner, som vil fremgå af dette arbejde, skal efter planen foreligge ved udgangen af dette år.
Der er blevet rejst en række spørgsmål, og jeg vil søge at besvare nogle af dem. Fru van den Burg og fru Kauppi nævnte Himalaya-rapporten. Kommissionen mener, at det er nødvendigt, at integration ledsages af tilsvarende tilsynsstrukturer. Jo mere integrerede markederne er, jo mere integrerede og ensartede må tilsynsstrukturerne også være. I øjeblikket anser jeg Lamfalussy-strukturerne for at være tilstrækkelige, men det er nødvendigt, at de overvåges tæt og konstant og tilpasses eller udvikles yderligere, hvis behovet opstår. Kun efter omhyggelig vurdering kan det tænkes, at fremtidige initiativer bliver nødvendige, med streng anvendelse af subsidiaritetsprincippet.
Et antal talere, herunder fru van den Burg og fru Kauppi, har nævnt det såkaldte 26. system. Dette system kan lyde attraktivt i al sin enkelhed, men i praksis vil det kræve en vis grad af harmonisering over en bred front, hvad enten det drejer sig om det juridiske eller om beskatning, sprog osv. Fordelene ved disse ordninger under den 26. system har stadig ikke vist sig, og det vil blive vanskeligt at nå til en aftale om valgfrie europæiske normer, som kun skal anvendes på visse produkter. Men jeg har noteret mig den igangværende debat og vil reagere på opfordringen til at undersøge sådanne 26. systemordninger yderligere, som det eksplicit siges i van den Burg-betænkningen.
Både fru van den Burg og fru Berès nævnte detailmarkederne. Vi er enige om, at der er vigtige barrierer for integration af markederne for finansielle tjenesteydelser på detailniveau. Integrationen af detailmarkederne er kompliceret og krævende. Men det bør ikke være vores konklusion, men vores udgangspunkt. Produkters karakteristika, distributionssystemer, forbrugerbeskyttelse, kontraktlovgivning, forskelle med hensyn til forbrug, kultur eller andre økonomiske og strukturelle forhold spiller en vigtig rolle på detailområdet og skaber betydelig kompleksitet, når det gælder udbud og efterspørgsel på tværs af landegrænserne. Men disse barrierer har deres udspring i den fragmentation, som af historiske grunde har karakteriseret det europæiske marked. Kommissionen accepterer ikke det argument, at denne fragmentation vil fortsætte, efterhånden som den europæiske integration forøges. Om 10 år vil detailmarkedet se helt anderledes ud end i dag. Vores rolle er at foregribe og lette denne udvikling og ikke vige tilbage for nye initiativer.
Hr. Purvis og fru Berès har rejst spørgsmålet om forvaltning af formuer. Vi vil forsøge kun at handle, efter at spørgsmålene er blevet præciseret og mulige løsninger fundet. Hvor målene kan nås uden lovgivning, vil vi naturligvis vælge denne vej. Vi kunne også få brug for at tage fat på spørgsmålet om ændringer af lovgivningen, hvis det er den eneste måde, hvorpå man kan sikre friheden på det indre marked inden for området investeringsforeninger.
Hr. Radwan har rejst et antal spørgsmål, herunder et, der vedrører de normer, der sættes for clearing og afvikling. Jeg må påpege, at Kommissionen ikke på nogen måde er bundet af ESCB CESR-normerne, og at enhver beslutning om politik, som kunne være indeholdt i et
fremtidigt direktiv om clearing og afvikling vil have præcedens frem for ESCB CESR-normerne.
Hr. Radwan har også rejst spørgsmålet om demokratisk styring og politisk ansvarlighed for dem, der giver reglerne. I sidste uge var jeg i USA. De vil bemærke, at vi har arbejdet hårdt for at få indflydelse på den reformproces, der er i gang inden for The International Accounting Standards Board. Vi ser omhyggeligt på de ordninger, der er foreslået for The International Accounting and Auditing Standards Board, som vil bygge videre på de nationale normer og den nationale revision. Under dette besøg for nylig i USA gjorde vi gode fremskridt på nogle af disse områder.
Hr. Wohlin har rejst spørgsmålet om den nye ramme for kapitalkrav. De tilbyder en række forskellige tilgange. For de banker, der går over til de enkleste tilgange, er ændringerne i forhold til de nuværende Basel I-normer ikke store, så omkostningerne ved en gennemførelse er rimelig små. Banker, der går over til mere indviklede procedurer, må bruge mere, men det vil de kunne gøre, hvis det er en fornuftig forretningsmæssig beslutning, og hvis fordelene opvejer omkostningerne."@da2
".
Herr Präsident! Wie ich bereits sagte, stellt dieser Bericht den Beginn einer neuen Ära auf dem Gebiet der Finanzdienstleistungen dar. Ich danke Frau van den Burg für ihren äußerst anregenden Bericht und ihren enormen Einsatz bei seiner Erstellung.
Von den Abgeordneten wurden noch weitere Punkte angesprochen, auf die später hoffentlich noch eingegangen werden kann.
Zum Schluss möchte ich noch einmal auf das zurückkommen, was ich früher bereits gesagt habe: Zwischen der Denkweise des Europäischen Parlaments, des Rates, der Wirtschaft, der Verbraucher und der Kommission besteht ein beträchtliches Maß an Übereinstimmung. Ich bin überzeugt, dass die kommenden fünf Jahre eine außerordentliche Herausforderung darstellen werden. Da die Grundlagen für eine gute Zusammenarbeit zwischen den Institutionen gelegt wurden, bin ich mir des Erfolgs sicher.
Ausgehend von diesem Bericht und unseren Konsultationen mit anderen Betroffenen habe ich vor, in der nächsten Woche, genauer gesagt am 3. Mai, dem Kollegium der Kommissionsmitglieder ein Grünbuch über die Finanzdienstleistungspolitik in den kommenden fünf Jahren vorzulegen. Dem Ausschuss für Wirtschaft und Währung werde ich dieses Buch am 9. Mai ausführlicher vorstellen. Bis zum 1. August wird das Grünbuch der Kommission Gegenstand öffentlicher Anhörungen sein. Vorgesehen ist, dass wir unsere endgültigen politischen Schlussfolgerungen auf der Grundlage all dieser Aktivitäten Ende dieses Jahres ziehen werden.
Eine Reihe von Punkten wurde angesprochen, und ich will versuchen, auf einige von ihnen einzugehen. Frau van den Burg und Frau Kauppi verwiesen auf den Himalaya-Bericht. Die Kommission ist der Ansicht, dass die Integration mit der Schaffung entsprechender Aufsichtssysteme einhergehen muss: Je integrierter die Märkte, desto integrierter und konvergenter müssen auch die aufsichtsrechtlichen Strukturen sein. Im Augenblick halte ich die Lamfalussy-Strukturen für ausreichend, jedoch müssen sie ständig genauestens überwacht und angepasst bzw. bei Bedarf auch weiterentwickelt werden. Nach einer sorgfältigen Bewertung könnten sich weitere Initiativen unter strikter Anwendung des Subsidiaritätsprinzips erforderlich machen.
Mehrere Redner, darunter Frau van den Burg und Frau Kauppi, erwähnten das so genannte 26. europäische System. Dieses System mag aufgrund seiner Einfachheit attraktiv erscheinen, jedoch erfordert es in der Praxis eine gewisse generelle Harmonisierung in rechtlicher Hinsicht bzw. in Bezug auf Steuern, Sprache usw. Der Nachweis für die Vorteile dieses 26. Systems steht noch aus, und es wird schwer werden, eine Einigung über freiwillige europäische Normen zu erzielen, die nur für bestimmte Produkte gelten. Ich nehme die gegenwärtig geführte Aussprache jedoch zur Kenntnis und werde der Aufforderung zu weiteren Untersuchung dieses 26. Systems, wie sie ausdrücklich im Bericht van den Burg geäußert wurde, nachkommen.
Sowohl Frau van den Burg als auch Frau Berès erwähnten die Einzelhandelsmärkte. Wir stimmen zu, dass es noch große Hürden für die Integration der Einzelhandelsfinanzmärkte gibt. Diese Integration ist kompliziert und anstrengend. Diese Feststellung darf jedoch nicht das Ende bedeuten, sondern muss ein Ausgangspunkt sein. Produktmerkmale, Vertriebssysteme, Verbraucherschutz, Unterschiede beim Verbrauch, in der Kultur und anderen wirtschaftlichen oder strukturellen Gegebenheiten spielen im Bereich des Einzelhandels eine wichtige Rolle und komplizieren die grenzüberschreitende Bereitstellung und Nachfrage in beträchtlichem Maße. Diese Schranken haben ihre Wurzeln jedoch in der historischen Fragmentierung des europäischen Marktes. Die Kommission kann sich dem Argument nicht anschließen, dass diese Zersplitterung mit zunehmender europäischer Integration von Bestand sein wird. In zehn Jahren wird der Einzelhandelsmarkt völlig anders aussehen als der Markt, wie wir ihn heute kennen. Unsere Aufgabe ist es, diese Entwicklung abzuschätzen und zu fördern und nicht vor neuen Initiativen zurückzuschrecken.
Herr Purvis und Frau Berès haben die Frage der Verwaltung von Vermögenswerten angesprochen. Wir werden darauf achten, dass wir erst dann handeln, wenn die Probleme erkannt sind und mögliche Lösungen gefunden wurden. Wenn die Ziele durch nichtlegislative Maßnahmen erreicht werden können, dann werden wir selbstverständlich diesen Weg beschreiten. Wir könnten uns veranlasst sehen, die Frage der legislativen Veränderungen zu behandeln, wenn dies die einzige Möglichkeit ist, die Freiheit der Einzelhandelsmärkte in Bezug auf Investmentfonds sicherzustellen.
Herr Radwan ging auf einige Punkte ein, darunter die Normen für Clearing und Abrechnung. Dazu muss ich betonen, dass die Kommission in keiner Weise an die CESR-Normen des ESZB gebunden ist und dass jegliche Entscheidungen zu Maßnahmen, die in einer
zukünftigen Richtlinie für Clearing und Abrechnung enthalten sein könnten, gegenüber den CESR-Normen des ESZB Vorrang haben werden.
Herr Radwan warf ferner die Frage des demokratischen Regierens und der politischen Rechenschaftspflicht der Gesetzgeber auf. In der vergangenen Woche war ich in den Vereinigten Staaten. Sie werden feststellen, dass wir keine Mühe scheuen, um auf den Reformprozess im International Accounting Standards Board Einfluss zu nehmen. Wir sehen uns die vorgeschlagenen Mechanismen für das International Accounting and Auditing Standards Board, das nationale Normen und Prüfstandards erarbeiten wird, genau an. Während dieses jüngsten Besuchs in den Vereinigten Staaten sind wir in einigen dieser Bereiche gut vorangekommen.
Herr Wohlin erwähnte die neuen Rahmenbedingungen für Eigenkapitalanforderungen. Sie bieten mehrere Ansätze. Für die Banken, die den einfachsten Ansatz wählen, sind die Veränderungen gegenüber den gegenwärtigen Standards von Basel I nicht groß, so dass sich die Kosten für die Umsetzung im Rahmen halten. Banken, die zu komplizierteren Konzepten übergehen, werden mehr ausgeben müssen, was sie allerdings nur dann tun werden, wenn die Entscheidung unternehmerisch klug ist und der Nutzen die Kosten übersteigt."@de9
"Κύριε Πρόεδρε, όπως δήλωσα νωρίτερα, αυτή η έκθεση σηματοδοτεί το ξεκίνημα μίας νέας εποχής στις χρηματοπιστωτικές υπηρεσίες. Ευχαριστώ την κ. van den Burg για την πολύ ενδιαφέρουσα έκθεσή της και την αξιοσημείωτη προσπάθεια που κατέβαλε κατά την εκπόνησή της.
Άλλοι βουλευτές ήγειραν άλλα θέματα, τα οποία ελπίζω ότι θα συζητηθούν στο μέλλον.
Εν κατακλείδι, αναφέρω αυτό που είπα νωρίτερα: υπάρχει σημαντικός βαθμός σύγκλισης απόψεων μεταξύ του Ευρωπαϊκού Κοινοβουλίου, του Συμβουλίου, του κλάδου, των καταναλωτών και της Επιτροπής. Είμαι πεπεισμένος ότι τα ερχόμενα πέντε χρόνια θα είναι άκρως ενδιαφέροντα. Μια και έχουν τεθεί τα θεμέλια καλής συνεργασίας μεταξύ των θεσμικών οργάνων, είμαι σίγουρος ότι θα πετύχουμε.
Βάσει αυτής της έκθεσης και της διαβούλευσής μας με άλλους ενδιαφερομένους, την προσεχή εβδομάδα, στις 3 Μαΐου, σκοπεύω να παρουσιάσω στο Σώμα των Επιτρόπων ένα πράσινο βιβλίο σχετικά με την πολιτική χρηματοπιστωτικών υπηρεσιών για τα επόμενα πέντε χρόνια. Θα παρουσιάσω αυτό το βιβλίο στην Επιτροπή Οικονομικής και Νομισματικής Πολιτικής διεξοδικότερα στις 9 Μαΐου. Το πράσινο βιβλίο της Επιτροπής θα είναι ανοιχτό για δημόσια διαβούλευση έως την 1η Αυγούστου. Τα τελικά μας συμπεράσματα για την πολιτική, που θα προκύψουν από όλο αυτό το έργο, προβλέπονται για το τέλος αυτού του έτους.
Ανέκυψαν ορισμένα θέματα και θα προσπαθήσω να απαντήσω σε κάποια από αυτά. Η κ. van den Burg και η κ. Kauppi αναφέρθηκαν στην έκθεση «Himalaya». Η Επιτροπή πιστεύει ότι η ολοκλήρωση πρέπει να συνοδεύεται από εφάμιλλες εποπτικές δομές: όσο πιο ολοκληρωμένες οι αγορές, τόσο πιο ολοκληρωμένες και συγκλίνουσες πρέπει να είναι επίσης και οι εποπτικές δομές. Επί του παρόντος, θεωρώ ότι οι δομές της Διαδικασίας Lamfalussy είναι επαρκείς, αλλά πρέπει να ελέγχονται και να προσαρμόζονται στενά και συνεχώς, ή να αναπτύσσονται περαιτέρω εάν χρειάζεται. Μόνο κατόπιν προσεκτικής εκτίμησης ίσως είναι απαραίτητες οι μελλοντικές πρωτοβουλίες, με αυστηρή εφαρμογή της αρχής της επικουρικότητας.
Αρκετοί ομιλητές, συμπεριλαμβανομένης της κ. van den Burg και της κ. Kauppi, ανέφεραν το αποκαλούμενο 26ο καθεστώς. Αυτό το καθεστώς ίσως ακούγεται ελκυστικό στην απλότητά του, αλλά στην πράξη θα απαιτήσει κάποιο βαθμό εναρμόνισης γενικά, είτε νομικής είτε από άποψη φορολογίας, γλώσσας, κλπ. Τα οφέλη των σχεδίων του 26ου καθεστώτος δεν έχουν αποδειχθεί ακόμα, και η επίτευξη μίας συμφωνίας για προαιρετικές ευρωπαϊκές προδιαγραφές σχεδιασμένες για συγκεκριμένα μόνο προϊόντα θα είναι δύσκολη. Ωστόσο, λαμβάνω υπόψη την παρούσα συζήτηση και θα απαντήσω στην πρόσκληση για περαιτέρω διερεύνηση αυτών των σχεδίων του 26ου καθεστώτος, όπως ρητά διατυπώθηκε στην έκθεση van den Burg.
Και η κ. van den Burg και η κ. Berès ανέφεραν τις λιανικές αγορές. Συμφωνούμε ότι υπάρχουν σημαντικά εμπόδια στην ολοκλήρωση των λιανικών αγορών χρηματοπιστωτικών υπηρεσιών. Η ολοκλήρωση των λιανικών αγορών είναι σύνθετη και απαιτητική. Ωστόσο, αυτό δεν πρέπει να είναι η κατάληξη αλλά η αφετηρία. Τα χαρακτηριστικά των προϊόντων, τα συστήματα διανομής, η προστασία του καταναλωτή, το δίκαιο των συμβάσεων, διαφορές στην κατανάλωση, ο πολιτισμός ή άλλες οικονομικές ή διαρθρωτικές πραγματικότητες διαδραματίζουν έναν εξέχοντα ρόλο στον λιανικό τομέα και δημιουργούν σημαντική συνθετότητα στη διασυνοριακή προσφορά και ζήτηση. Αυτά τα εμπόδια, ωστόσο, έλκουν την καταγωγή τους από τον κατακερματισμό της ευρωπαϊκής αγοράς για ιστορικούς λόγους. Η Επιτροπή δεν αποδέχεται το επιχείρημα ότι, καθώς αυξάνεται η ευρωπαϊκή ολοκλήρωση, ο κατακερματισμός εδραιώνεται. Σε δέκα χρόνια από τώρα, η λιανική αγορά θα είναι εντελώς διαφορετική από την αγορά του σήμερα. Ο ρόλος μας είναι να προβλέψουμε και να διευκολύνουμε αυτή την εξέλιξη και να μην διστάσουμε να αναλάβουμε νέες πρωτοβουλίες.
Ο κ. Purvis και η κ. Berès ήγειραν το ζήτημα της διαχείρισης των περιουσιακών στοιχείων. Θα φροντίσουμε να δράσουμε μόνο εφόσον προσδιοριστούν τα θέματα και ανευρεθούν ενδεχόμενες λύσεις. Όπου οι στόχοι μπορούν να επιτευχθούν με μη νομοθετικά μέτρα, θα επιλέξουμε προφανώς αυτή την οδό. Ενδεχομένως να χρειαστεί επίσης να αντιμετωπίσουμε αυτό το ζήτημα των νομοθετικών αλλαγών εάν αποτελούν τον μόνο τρόπο διασφάλισης των ελευθεριών της ενιαίας αγοράς στον τομέα των επενδυτικών κεφαλαίων.
Ο κ. Radwan ήγειρε αρκετά θέματα, συμπεριλαμβανομένου ενός σχετικά με τα πρότυπα που εισήχθηκαν για τον συμψηφισμό και τον διακανονισμό. Πρέπει να επισημάνω ότι η Επιτροπή δεν δεσμεύεται επ’ ουδενί από τα πρότυπα της Ευρωπαϊκής Επιτροπής Ρυθμιστικών Αρχών των Αγορών Κινητών Αξιών του Ευρωπαϊκού Συστήματος Κεντρικών Τραπεζών (ESCB CESR), και οιεσδήποτε αποφάσεις πολιτικής που ίσως διαφυλαχθούν ευλαβικά σε μία
μελλοντική οδηγία σχετικά με τον συμψηφισμό και τον διακανονισμό θα έχουν προτεραιότητα έναντι των προτύπων ESCB CESR.
Ο κ. Radwan εγείρε επίσης το ζήτημα της δημοκρατικής διακυβέρνησης και της πολιτικής λογοδοσίας των ρυθμιστικών αρχών. Την προηγούμενη εβδομάδα ήμουν στις Ηνωμένες Πολιτείες. Θα διαπιστώσετε ότι εργαζόμαστε σκληρά για να επηρεάσουμε την εν εξελίξει διαδικασία μεταρρύθμισης εντός του Συμβουλίου Διεθνών Λογιστικών Προτύπων. Εξετάζουμε προσεκτικά τις προτεινόμενες ρυθμίσεις για το Συμβούλιο Διεθνών Λογιστικών Προτύπων και Ελέγχων, το οποίο θα επεξεργάζεται τα εθνικά πρότυπα και ελέγχους. Κατά τη διάρκεια αυτής της πρόσφατης επίσκεψης στις Ηνωμένες Πολιτείες, σημειώσαμε αξιόλογη πρόοδο σε ορισμένους από αυτούς τους τομείς.
Ο κ. Wohlin εγείρε το ζήτημα του νέου πλαισίου για την κεφαλαιακή επάρκεια. Προσφέρει ένα ευρύ φάσμα προσεγγίσεων. Όσον αφορά τις τράπεζες που κινούνται προς τις απλούστερες προσεγγίσεις, οι αλλαγές από τις υπάρχουσες προδιαγραφές της Βασιλείας Ι δεν είναι τεράστιες, συνεπώς το κόστος εφαρμογής είναι ευλόγως μικρό. Τράπεζες που κινούνται προς πιο πολύπλοκες προσεγγίσεις θα πρέπει να δαπανήσουν περισσότερα, αλλά θα το πράξουν μόνο εάν αυτό είναι μία συνετή επιχειρηματική απόφαση και τα οφέλη υπερβούν τις δαπάνες."@el10
".
Señor Presidente, como he indicado anteriormente, este informe marca el comienzo de una nueva era en los servicios financieros. Quiero dar las gracias a la señora Van den Burg por su interesante informe y por el importante esfuerzo que ha realizado para elaborarlo.
Los diputados han planteado otras cuestiones, que espero que se retomen en el tiempo que tenemos por delante.
En conclusión, me remito a lo que he dicho anteriormente: existe un considerable grado de convergencia entre la opinión del Parlamento Europeo, del Consejo, del sector, de los consumidores y de la Comisión. No dudo de que los próximos cinco años serán extremadamente exigentes. Dado que se han sentado las bases para una buena colaboración entre las instituciones, no dudo de que tendremos éxito.
Basándome en este informe y en nuestra consulta a otras partes interesadas, la próxima semana, el 3 de mayo, tengo previsto presentar al Colegio de Comisarios un Libro Verde sobre la política de servicios financieros para los próximos cinco años. Presentaré este documento a la Comisión de Asuntos Económicos y Monetarios con más detalle el día 9 de mayo. El Libro Verde de la Comisión estará abierto para consulta pública hasta el 1 de agosto. Nuestras conclusiones finales sobre la política, derivadas de todo este trabajo, están previstas para finales de este año.
Se han planteado varias cuestiones e intentaré responder a algunas de ellas. La señora Van den Burg y la señora Kauppi han mencionado el informe «Himalaya». La Comisión considera que la integración debe venir acompañada de estructuras de supervisión ajustadas: cuanto más integrados estén los mercados, más integradas y convergentes han de ser también las estructuras de supervisión. En estos momentos considero que las estructuras de Lamfalussy son suficientes, pero es necesario controlarlas de cerca y adaptarlas de forma continua, o desarrollarlas más si es necesario. Solo tras una detenida evaluación podrían ser necesarias futuras iniciativas, con una estricta aplicación del principio de subsidiariedad.
Algunos oradores, entre los que se incluyen la señora Van den Burg y la señora Kauppi, han mencionado el denominado 26º régimen. Ese régimen puede sonar atractivo por su simplicidad, pero en la práctica precisará un cierto grado de armonización en todos los sentidos, sea en términos legales o fiscales, lingüísticos, etc. Los beneficios de esos programas del 26º régimen todavía están por demostrar y será difícil llegar a un acuerdo con respecto a las normas europeas opcionales diseñadas solo para ciertos productos. No obstante, tomo noto del actual debate y responderé a la petición de explorar más detenidamente esos programas del 26º régimen, tal y como se manifiesta explícitamente en el informe de la señora Van den Burg.
Tanto la señora Van den Burg como la señora Berès han mencionado los mercados minoristas. Estamos de acuerdo en que existen importantes obstáculos para la integración de los mercados de servicios financieros minoristas. La integración de los mercados minoristas es compleja y difícil. No obstante, esta no debería ser la conclusión, sino nuestro punto de partida. Las características de los productos, los sistemas de distribución, la protección del consumidor, el Derecho contractual, las diferencias de consumo, la cultura u otras realidades económicas o estructurales desempeñan una importante función en el ámbito minorista y representan una considerable complejidad para la oferta y la demanda transfronterizas. Sin embargo, estos obstáculos tienen su origen en la fragmentación del mercado europeo por razones históricas. La Comisión no acepta el argumento de que, dado que la integración europea aumenta, esta fragmentación va a mantenerse. En la próxima década, el mercado minorista será completamente diferente del mercado actual. Nuestra función consiste en prever y facilitar este progreso, y no en asustarnos ante las nuevas iniciativas.
La señora Purvis y la señora Berès han planteado la cuestión de la gestión de activos. Intentaremos actuar solamente cuando se hayan identificado los problemas y encontrado las posibles soluciones. Cuando los objetivos puedan lograrse mediante acciones no legislativas, evidentemente optaremos por esta vía. Puede que también necesitemos tratar esta cuestión de los cambios legislativos, si representan la única manera de garantizar las libertades del mercado único en el ámbito de los fondos de inversión.
El señor Radwan ha planteado varias cuestiones, inclusive una relativa a las normas emitidas con respecto a la compensación y liquidación. Debo señalar que la Comisión no está vinculada en modo alguno por las normas CESV del SEBC y que cualquier decisión política que pueda incluirse en una
futura directiva sobre la compensación y liquidación primará sobre las normas CESV del SEBC.
El señor Radwan también ha planteado la cuestión de la gobernanza democrática y la responsabilidad política de los legisladores. La semana pasada estuve en los Estados Unidos. Como podrán ver, estamos trabajando mucho por influir en el proceso de reforma en curso dentro del Consejo de normas de contabilidad internacionales. Estamos analizando detenidamente los acuerdos propuestos para el Consejo de normas de contabilidad internacionales y el Comité de normas de auditoría internacionales, que elaborarán auditorías y normas nacionales. Durante esa reciente visita a los Estados Unidos avanzamos mucho en algunos de estos ámbitos.
El señor Wohlin ha planteado la cuestión del nuevo marco para las necesidades de capital. Ofrecen una serie de enfoques. Para los bancos que adoptan los enfoques más sencillos, los cambios con respecto a las normas existentes de Basilea I no son importantes, por lo que los costes de aplicación son razonablemente reducidos. Los bancos que adopten enfoques más sofisticados tendrán que gastar más, pero lo harán únicamente cuando se trate de una decisión comercial prudente y los beneficios sean superiores a los costes."@es20
"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@et5
"Arvoisa puhemies, kuten aiemmin totesin, mietintö merkitsee uuden aikakauden alkamista rahoituspalveluiden alalla. Kiitän jäsen van den Burgiä hänen piristävästä mietinnöstään sekä niistä merkittävistä toimista, joita sen laatiminen on vaatinut.
Parlamentin jäsenet käsittelivät muitakin asioita, joita toivon voitavan käsitellä myöhemmin.
Lopuksi viittaan siihen, mitä sanoin aiemmin: Euroopan parlamentin, neuvoston, alan edustajien, kuluttajien ja komission kannat ovat lähentyneet huomattavasti. Olen vakuuttunut siitä, että seuraavat viisi vuotta ovat hyvin haastavia. Koska perusta hyvälle toimielinten väliselle yhteistyölle on luotu, uskon menestykseen.
Tämän mietinnön ja muiden toimijoiden kuulemisen perusteella aion esittää ensi viikolla, 3. toukokuuta, kollegiona toimivalle komissiolle vihreän kirjan rahoituspalveluja koskevasta politiikasta seuraaville viidelle vuodelle. Esittelen asiakirjan yksityiskohtaisemmin talous- ja raha-asioiden valiokunnalle 9. toukokuuta. Komission vihreä kirja on avoinna kansalaisten kuulemiselle elokuun ensimmäiseen päivään asti. Kaikesta tästä työstä johdettavat lopulliset poliittiset päätelmämme on tarkoitus antaa tämän vuoden lopussa.
Täällä nostettiin esiin monia seikkoja, ja pyrin vastaamaan joihinkin niistä. Jäsen van den Burg ja jäsen Kauppi viittasivat "Himalaja-mietintöön". Komissio katsoo, että yhdentyminen edellyttää sitä vastaavia valvontarakenteita: mitä yhtenäisemmät markkinat, sitä yhtenäisempiä ja lähenevämpiä on myös valvontarakenteiden oltava. Tällä hetkellä katson Lamfalussy-rakenteiden olevan riittäviä, mutta niitä on seurattava tiiviisti ja jatkuvasti sekä tarvittaessa muutettava tai kehitettävä edelleen. Uudet aloitteet ovat tarpeen vasta huolellisen arvioinnin jälkeen, ja tässä arvioinnissa on sovellettava tiukasti toissijaisuusperiaatetta.
Monet puhujat, myös jäsen van den Burg ja jäsen Kauppi, mainitsivat niin kutsutun 26. järjestelmän. Järjestelmä voi yksinkertaisuudessaan vaikuttaa houkuttelevalta, mutta käytännössä se edellyttää jonkinasteista laaja-alaista yhdenmukaistamista esimerkiksi lainsäädännön, verotuksen, kielten osalta. Näiden 26. järjestelmän suunnitelmien edut on vielä näytettävä toteen, ja sopimukseen pääseminen vain tiettyjä tuotteita koskevista vaihtoehtoisista eurooppalaisista standardeista tulee olemaan vaikeaa. Panen kuitenkin merkille tämän keskustelun ja otan vastaan kehotuksen tutkia lähemmin näitä 26. järjestelmän järjestelyitä, kuten van den Burgin mietinnössä selvästi esitetään.
Sekä jäsen van den Burg että jäsen Berès mainitsivat vähittäiskaupan markkinat. Olemme yhtä mieltä siitä, että rahoituspalvelujen vähittäiskaupan markkinoiden yhdentymiselle on merkittäviä esteitä. Vähittäismarkkinoiden yhdentäminen on monimutkaista ja vaativaa. Tämän ei kuitenkaan pitäisi olla loppupäätelmä vaan lähtökohta. Tuotteiden ominaispiirteillä, jakelujärjestelmillä, kuluttajasuojalla, ja sopimusoikeudella sekä eroilla kulutuksessa, kulttuurissa tai muissa taloudellisissa tai rakenteellisissa tosiseikoissa on suuri merkitys vähittäiskaupan alalla, ja ne tekevät rajat ylittävästä tarjonnasta ja kysynnästä monimutkaisia. Näiden esteiden juuret ovat kuitenkin eurooppalaisten markkinoiden sirpaloitumisessa, jolla on historialliset syynsä. Komissio ei ole samaa mieltä väitteestä, jonka mukaan sirpaloituminen olisi pysyvää Euroopan yhdentymisestä huolimatta. Kymmenen vuoden kuluttua vähittäismarkkinat näyttävät täysin erilaisilta kuin nyt. Tehtävämme on ennakoida ja helpottaa tätä kehitystä eikä vältellä uusia aloitteita.
Jäsen Purvis ja jäsen Berès nostivat esiin kysymyksen varainhoidosta. Huolehdimme siitä, että toimimme vasta, kun asiat on määritetty ja mahdolliset ratkaisut löydetty. Kun tavoitteet ovat saavutettavissa muilla kuin lainsäädäntötoimilla, valitsemme luonnollisesti tämän tien. Meidän on kenties myös tarkasteltava lainsäädäntömuutoksia, jos ne ovat ainoa tapa turvata yhtenäismarkkinoiden vapaudet sijoitusrahastojen alalla.
Jäsen Radwan toi esiin useita seikkoja, myös selvitystoimintaa koskevat normit. Minun on korostettava, etteivät Euroopan keskuspankkijärjestelmään kuuluvan Euroopan arvopaperimarkkinavalvojien komitean standardit mitenkään sido komissiota ja että mahdolliset poliittiset päätökset, joita tehdään
tulevassa selvitystoimintaa koskevassa direktiivissä ovat etusijalla EKJ:n arvopaperimarkkinavalvojien komitean standardeihin nähden.
Jäsen Radwan nosti esiin myös kysymyksen demokraattisesta hallinnosta ja sääntöjen laatijoiden poliittisesta vastuusta. Olin viime viikolla Yhdysvalloissa. Huomaatte, että teemme paljon työtä vaikuttaaksemme parhaillaan meneillä olevaan IASB:n (International Accounting Standards Board) uudistusprosessiin. Tarkastelemme huolellisesti IASB:n osalta ehdotettuja järjestelyjä, sillä niillä kehitetään kansallisia standardeja ja tilinpitoa. Hiljattain toteutuneella Yhdysvaltain-vierailulla edistyimme merkittävästi joillakin aloilla.
Jäsen Wohlin käsitteli pääomavaatimusten uutta kehystä. Valittavana on monta lähestymistapaa. Pankeille, jotka valitsevat yksinkertaisimman lähestymistavan, muutokset nykyisiin Basel I -standardeihin nähden eivät ole suuren suuria, joten täytäntöönpanokustannukset ovat suhteellisen pieniä. Pankit, jotka soveltavat hienostuneempia lähestymistapoja, joutuvat käyttämään enemmän rahaa, mutta ne tekevät tämän vain, jos katsovat sen järkeväksi liiketoimintaa koskevaksi päätökseksi, jonka hyödyt ylittävät kustannukset."@fi7
".
Monsieur le Président, comme je l’ai signalé précédemment, ce rapport marque le début d’une ère nouvelle pour les services financiers. Je remercie Mme van den Burg pour ce document très stimulant et pour les efforts considérables qu’elle a investis dans sa rédaction.
Certains députés ont soulevé d’autres points, que j’espère pouvoir traiter dans un avenir proche.
Pour conclure, j’évoquerai ce que j’ai dit précédemment: il existe un degré de convergence considérable entre les conceptions du Parlement européen, du Conseil, du secteur, des consommateurs et de la Commission. Je suis convaincu que les cinq prochaines années amèneront de grands défis. Les fondations d’une bonne collaboration entre les institutions ayant été posées, je suis sûr que nous réussirons.
Sur la base de ce rapport et de notre consultation avec d’autres acteurs, qui est prévue la semaine prochaine, le 3 mai, j’ai l’intention de soumettre au collège des commissaires un Livre vert sur la politique des services financiers pour les cinq prochaines années. Je ferai une présentation plus détaillée de ce document à la commission des affaires économiques et monétaires le 9 mai prochain. Le livre vert de la Commission sera soumis à consultation publique jusqu’au 1er août. Nous devrions rendre les conclusions politiques découlant de tout ce travail pour la fin de l’année.
Un certain nombre de questions ont été soulevées et je vais tâcher de répondre à quelques-unes d’entre elles. Mmes van den Burg et Kauppi ont évoqué le rapport «Himalaya». La Commission pense que l’intégration doit être accompagnée par des structures de surveillance correspondantes: plus les marchés sont intégrés, plus les structures de surveillance doivent elles aussi être intégrées et convergentes. En l’état actuel des choses, j’estime que les structures Lamfalussy sont suffisantes, mais elles doivent faire l’objet d’un travail de surveillance et d’adaptation étroit et permanent, et être développées plus avant si nécessaire. Les éventuelles initiatives supplémentaires ne pourront s’imposer qu’après une évaluation minutieuse, dans l’application stricte du principe de subsidiarité.
Un certain nombre d’orateurs, dont Mmes van den Burg et Kauppi, ont évoqué ce qu’on nomme le 26e régime. Ce régime peut paraître attrayant du fait de sa simplicité, mais, dans la pratique, il exigera un certain degré d’harmonisation générale, que ce soit sur le plan légal, fiscal, linguistique, etc. Les avantages des modèles de ce 26e régime restent à prouver et il sera difficile de parvenir à un accord sur des normes européennes optionnelles conçues pour certains produits seulement. Je prends cependant note du débat actuel et donnerai suite aux demandes d’explorer plus avant les modèles liés à un tel régime, expressément formulées dans le rapport van den Burg.
Mmes van den Burg et Berès ont toutes deux mentionné les marchés de détail. Nous convenons que d’importants obstacles s’opposent à l’intégration des marchés de détail des services financiers. Leur intégration est complexe et exigeante. Toutefois, ce ne devrait pas être la conclusion, mais notre point de départ. Les caractéristiques des produits, les systèmes de distribution, la protection des consommateurs, le droit des contrats, les différences en termes de consommation, de culture ou d’autres réalités économiques ou structurelles jouent un rôle majeur dans le domaine du détail et génèrent une complexité considérable pour ce qui est de l’offre et de la demande transfrontalières. Cependant, ces obstacles trouvent leur origine dans la fragmentation du marché européen, qui s’explique par des raisons historiques. La Commission n’accepte pas l’argument qui veut que cette fragmentation se maintiendra à mesure qu’avancera l’intégration européenne. D’ici dix ans, le marché de détail sera complètement différent de ce qu’il est aujourd’hui. Notre rôle est d’anticiper et de faciliter cette évolution et de ne pas reculer à prendre des initiatives nouvelles.
M. Purvis et Mme Berès ont soulevé la question de la gestion des actifs. Nous envisagerons d’agir une fois seulement que ces questions auront été identifiées et que des solutions potentielles auront été trouvées. Lorsque les objectifs pourront être atteints sans recourir à la voie législative, il va de soi que nous choisirons cette option. Nous pourrions aussi être amenés à aborder la question de modifications de la législation, si ces dernières constituent la seule manière de garantir les libertés du marché intérieur dans le domaine des fonds d’investissement.
M. Radwan a soulevé un certain nombre de questions, y compris concernant les normes édictées en matière de compensation et de règlement-livraison. Je dois signaler que la Commission n’est en rien liée aux normes CECB et CERVM et que toute décision politique qui serait entérinée dans une
directive future sur la compensation et le règlement-livraison aurait la préséance sur lesdites normes.
M. Radwan a également soulevé la question de la gouvernance démocratique et de la responsabilité politique de ceux qui fixent les règles. La semaine dernière, j’étais aux États-Unis. Vous noterez que nous nous efforçons d’influer sur le processus de réforme en cours au sein de l’International Accounting Standards Board. Nous examinons attentivement les dispositions proposées pour l’IAASB, qui élaborera des normes de vérification et des audits au niveau national. Lors de cette visite aux États-Unis, nous avons bien progressé dans certains de ces domaines.
M. Wohlin a soulevé la question du nouveau cadre pour les exigences en matière de capital. Diverses approches se présentent. Pour les banques qui adoptent les approches les plus simples, les changements par rapport aux normes en vigueur dans le cadre de Bâle I ne sont pas trop importants, et les coûts de mise en œuvre sont dès lors raisonnables. Les banques qui recourent à des approches plus sophistiquées devront consentir des dépenses plus importantes, mais elles ne le feront que s’il s’agit d’une décision commerciale sensible et que si les bénéfices compensent les coûts."@fr8
"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@hu11
".
Signor Presidente, come ho detto prima, questa relazione segna l’inizio di una nuova era nel settore dei servizi finanziari. Ringrazio l’onorevole van den Burg per la sua interessantissima relazione e per i notevoli sforzi compiuti per giungere a tale risultato.
I deputati hanno sollevato altre questioni, che mi auguro potranno essere affrontate in futuro.
In conclusione, ribadisco quanto ho detto prima: vi è un notevole grado di convergenza tra le posizioni del Parlamento europeo, del Consiglio, del settore, dei consumatori e della Commissione. Sono certo che i prossimi cinque anni saranno estremamente impegnativi. Giacché sono state gettate le basi di un’ottima collaborazione interistituzionale, confido nel raggiungimento dei nostri obiettivi.
Sulla scorta di questa relazione e della nostra consultazione con altre parti interessate, la prossima settimana, il 3 maggio, presenterò al Collegio dei Commissari un Libro verde sui servizi finanziari per i prossimi cinque anni. Parlerò più dettagliatamente di questo documento alla commissione per i problemi economici e monetari il 9 maggio. Il Libro verde della Commissione sarà consultabile al pubblico fino al 1° agosto, e prevediamo di presentare le conclusioni politiche finali che trarremo da questo lavoro alla fine dell’anno.
Sono state sollevate diverse questioni e cercherò di rispondere ad alcune di esse. Le onorevoli van den Burg e Kauppi hanno fatto riferimento alla relazione Himalaya. La Commissione ritiene che l’integrazione debba essere accompagnata da analoghe strutture di vigilanza: quanto più i mercati sono integrati, tanto più devono essere integrate e convergenti anche le strutture di vigilanza. Ritengo che, per il momento, le strutture Lamfalussy siano sufficienti, ma esse devono essere tenute sotto costante e stretto controllo e occorre adattarle o, se del caso, svilupparle ulteriormente. Solo a seguito di un’attenta valutazione potrebbe rivelarsi necessario avviare future iniziative, con la rigorosa applicazione del principio di sussidiarietà.
Diversi oratori, tra cui le onorevoli van den Burg e Kauppi, hanno fatto riferimento al cosiddetto 26° regime. Si tratta di un regime che sembra allettante per la sua semplicità, ma che nella pratica richiederà una certa armonizzazione trasversale, in termini giuridici, fiscali, linguistici, eccetera. I vantaggi degli schemi del 26° regime restano da dimostrare, e sarà difficile giungere a un accordo su norme europee facoltative che interesseranno solo determinati prodotti. Tuttavia, prendo atto del dibattito in corso e accoglierò l’invito a esplorare ulteriormente le possibilità offerte dagli schemi del 26° regime, come viene esplicitamente richiesto nella relazione van den Burg.
Sia l’onorevole van den Burg che l’onorevole Berès hanno parlato dei mercati al dettaglio. Conveniamo che esistono importanti barriere all’integrazione dei mercati dei servizi finanziari al dettaglio. L’integrazione dei mercati al dettaglio è complessa e impegnativa. Questo, però, non deve essere il nostro punto di arrivo, bensì il nostro punto di partenza. Le caratteristiche del prodotto, i sistemi di distribuzione, la protezione dei consumatori, il diritto contrattuale, le differenze di consumo, cultura e altre realtà economiche e strutturali svolgono un ruolo di rilievo nei mercati al dettaglio e creano una notevole complessità per l’offerta e la domanda transfrontaliera. Queste barriere, però, hanno origine nella frammentazione del mercato europeo per ragioni storiche. La Commissione non condivide l’affermazione secondo cui, se l’integrazione europea aumenta, la frammentazione è destinata a rimanere. Fra dieci anni, il mercato al dettaglio sarà completamente diverso da come è adesso. Il nostro dovere è prevedere e agevolare questo sviluppo anziché rifuggire da nuove iniziative.
L’onorevole Purvis e l’onorevole Berès hanno sollevato la questione della gestione patrimoniale. Agiremo solo dopo che si saranno individuati i problemi e trovate le possibili soluzioni. Se gli obiettivi potranno essere realizzati avviando azioni di carattere non legislativo, seguiremo ovviamente questa strada. Potremmo anche dover affrontare la questione di un intervento legislativo qualora questo costituisca il solo modo di garantire le libertà del mercato unico nell’ambito dei fondi d’investimento.
L’onorevole Radwan ha sollevato una serie di questioni, tra cui una riguardante le norme adottate in materia di compensazione e pagamento. Devo precisare che la Commissione non è in alcun modo vincolata agli
ESCB-CESR e, se una decisione politica dovesse essere prevista in un’
direttiva futura in materia di compensazione e pagamento, avrà la precedenza sugli
ESCB-CESR.
L’onorevole Radwan ha anche accennato alla questione della
democratica e della responsabilità politica dei legislatori. La settimana scorsa mi sono recato negli Stati Uniti. Come potrete constatare, stiamo lavorando alacremente per influenzare il processo di riforma in corso nell’ambito dell’
. Stiamo esaminando attentamente le misure proposte per l’
e l’
che formuleranno norme e principi di revisione contabile nazionali. Nel corso della recente visita negli Stati Uniti, si sono compiuti validi progressi in alcuni di questi settori.
L’onorevole Wohlin ha sollevato la questione del nuovo quadro sui requisiti di capitale, che offre una serie di approcci diversi. Per le banche orientate verso gli approcci più semplici, i cambiamenti rispetto alle norme attualmente previste da Basilea I non saranno enormi; di conseguenza, i costi di attuazione sono ragionevolmente contenuti. Le banche orientate verso l’adozione di approcci più sofisticati, invece, dovranno sostenere costi maggiori, ma lo faranno solo a seguito di una logica decisione aziendale e se i benefici saranno superiori ai costi."@it12
"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@lt14
"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@lv13
"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@mt15
".
Mijnheer de Voorzitter, zoals ik eerder al aangaf, betekent dit verslag het begin van een nieuw tijdperk in de financiële dienstverlening. Ik bedank mevrouw Van den Burg voor haar zeer stimulerende verslag en de aanmerkelijke inspanning die eraan besteed is.
Er is nog een aantal andere zaken genoemd door bepaalde leden, waarop hopelijk in de komende tijd kan worden ingegaan.
Tot besluit verwijs ik naar wat ik reeds eerder heb gezegd: de denkwijzen van het Europees Parlement, de Raad, de sector, consumenten en de Commissie stemmen in hoge mate met elkaar overeen. Ik ben ervan overtuigd dat we de komende vijf jaar voor enorme uitdagingen zullen komen te staan. Daar de grondslagen voor goede samenwerking tussen de instellingen zijn gelegd, weet ik zeker dat wij zullen slagen.
Op basis van dit verslag en ons overleg met andere belanghebbenden zal ik volgende week, op 3 mei, aan het college van commissarissen een groenboek over het beleid inzake financiële diensten voor de komende vijf jaar presenteren. Ik zal dit document op 9 mei uitgebreider toelichten voor de Commissie economische en monetaire zaken. De openbare raadpleging inzake het groenboek van de Commissie loopt tot 1 augustus. Onze definitieve beleidsconclusies die uit dit alles zullen worden afgeleid, staan gepland voor het eind van dit jaar.
Er is een aantal zaken aan de orde gesteld en ik zal proberen op een aantal ervan te reageren. Mevrouw Van den Burg en mevrouw Kauppi noemden het Himalaya-verslag. De Commissie vindt dat integratie hand in hand dient te gaan met bijpassende structuren voor toezicht: hoe hoger de mate van integratie van de markten, des te sterker is de noodzaak van integratie en convergentie van de structuren voor toezicht. Voorlopig beschouw ik de Lamfalussy-structuren als afdoende, hoewel deze voortdurend en zorgvuldig dienen te worden gecontroleerd en aangepast; indien nodig moeten ze verder worden ontwikkeld. Slechts op basis van een zorgvuldige beoordeling kan in de toekomst besloten worden dat nieuwe initiatieven noodzakelijk zijn, een en ander met strikte inachtneming van het subsidiariteitsbeginsel.
Een aantal sprekers, waaronder mevrouw Van den Burg en mevrouw Kauppi, maakte melding van het zogenaamde 26e stelsel. Dit stelsel mag in al zijn eenvoud aantrekkelijk klinken, in de praktijk zal hiervoor over de hele linie evenwel een zekere mate van harmonisering nodig zijn, zowel op het juridische vlak als op het gebied van belasting, talen, etc. De voordelen van die ’programma’s in het kader van een 26e stelsel moeten nog worden aangetoond, en het zal moeilijk worden overeenstemming te bereiken over mogelijke Europese normen die uitsluitend op bepaalde producten van toepassing zijn. Ik neem echter nota van het huidige debat en zal gehoor geven aan de oproep om dergelijke programma's in het kader van een 26e stelsel verder te bestuderen, zoals uitdrukkelijk wordt gevraagd in het verslag-Van den Burg.
Mevrouw Van den Burg en mevrouw Berès noemden beiden de consumentenmarkten. Wij zijn ook van mening dat er belangrijke barrières bestaan voor de integratie van consumentenmarkten voor financiële diensten. De integratie van consumentenmarkten is ingewikkeld en veeleisend. Dit dient echter niet onze conclusie te zijn, maar ons uitgangspunt. Productkenmerken, distributiesystemen, consumentenbescherming, contractrecht en verschillen in consumptiepatronen, cultuur en andere economische of structurele omstandigheden spelen een prominente rol op de consumentenmarkt en creëren een zeer complexe situatie voor het grensoverschrijdend vraag- en aanbodmechanisme. Dergelijke barrières vinden hun oorsprong echter in de historische fragmentatie van de Europese markt. De Commissie kan evenwel niet aanvaarden dat, naarmate de Europese integratie vordert, deze fragmentatie in stand wordt gehouden. Over tien jaar zal de consumentenmarkt er totaal ander uitzien dan momenteel. Onze taak is vooruit te lopen op deze ontwikkeling en deze te stimuleren, en niet terug te deinzen voor nieuwe initiatieven.
De heer Purvis en mevrouw Berès stelden de kwestie van vermogensbeheer aan de orde. Wij zijn van plan pas tot handelen over te gaan wanneer in kaart is gebracht welke zaken hier spelen en welke mogelijke oplossingen er zijn. Indien doelstellingen via andere maatregelen dan wetgeving kunnen worden bereikt, zullen wij zonder meer voor deze weg kiezen. Toch moeten wij eventuele wetgevingswijzigingen ter sprake brengen wanneer dergelijke wijzigingen de enige manier vormen om de vrijheden van de interne markt met betrekking tot beleggingsfondsen veilig te stellen.
De heer Radwan bracht een aantal onderwerpen naar voren, waaronder de kwestie van de normen die zijn uitgevaardigd voor clearing en settlement. Ik moet erop wijzen dat de Commissie op geen enkele wijze is gebonden aan de ESCB/CEER-normen, en alle beleidsbesluiten die besloten zouden kunnen zijn in een
toekomstige richtlijn inzake clearing en settlement zullen prevaleren boven de ESCB/CEER-normen.
De heer Radwan stelde ook de kwestie van democratische
en politieke verantwoordingsplicht voor regelgevers aan de orde. Vorige week was ik in de Verenigde Staten. U zult merken dat wij ons hevig inspannen om invloed uit te oefenen op het hervormingsproces dat gaande is binnen de International Accounting Standards Board. Wij kijken aandachtig naar de regelingen voor de International Accounting and Auditing Standards Board, die de nationale normen en auditprocedures zal uitwerken. Tijdens ons recente bezoek aan de Verenigde Staten hebben wij op een aantal van deze gebieden goede vorderingen gemaakt.
De heer Wohlin bracht het nieuwe kader voor kapitaalvereisten naar voren. Hierin wordt een aantal verschillende benaderingen mogelijk. Voor de banken die neigen tot de eenvoudigste benadering zijn de veranderingen ten opzichte van de huidige normen van Basel I niet enorm groot en blijven de kosten van de tenuitvoerlegging dus redelijk beperkt. Banken die overgaan op een meer verfijnde benadering zullen meer moeten besteden, maar alleen wanneer hieraan een verantwoord zakelijk besluit ten grondslag ligt en de opbrengsten hoger zullen zijn dan de kosten."@nl3
"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@pl16
".
Senhor Presidente, como foi referido há pouco, o presente relatório marca o início de uma nova era nos serviços financeiros. Agradeço à senhora deputada van den Burg o seu enérgico relatório, bem como o esforço considerável que dedicou à produção do mesmo.
Houve outros deputados que levantaram outras questões que, espero, possam ser respondidas numa outra altura.
A terminar, remeto para o que disse no início: existe um considerável grau de convergência entre a forma de pensar do Parlamento Europeu, Conselho, indústria, consumidores e Comissão. Estou convencido de que os próximos cinco anos representarão um grande desafio, mas, como se estabeleceram as fundações de uma boa colaboração entre as Instituições, estou certo de que seremos bem sucedidos.
Com base neste relatório e na nossa consulta junto de outros actores, tenciono, na próxima semana, em 3 de Maio, apresentar ao Colégio dos Comissários um Livro Verde sobre política em matéria de serviços financeiros para os próximos cinco anos. Apresentarei este documento à Comissão dos Assuntos Económicos e Monetários de forma mais circunstanciada no dia 9 de Maio. O Livro Verde da Comissão estará acessível à consulta do público, o mais tardar a 1 de Agosto. As nossas conclusões políticas finais, decorrentes de todo este trabalho, estão previstas para o fim do corrente ano.
Foram colocadas diversas questões; tentarei responder a algumas delas. As senhoras deputadas van den Burg e Kauppi referiram o relatório “Himalaia”. A Comissão considera que a integração precisa de ser acompanhada de estruturas de supervisão compatíveis: quanto mais integrados estão os mercados, mais integradas e convergentes precisam de estar também as estruturas de supervisão. Por enquanto, considero que as estruturas Lamfalussy são suficientes, no entanto, precisam de ser monitorizadas de perto, continuamente adaptadas ou, ainda, de ser objecto de novos desenvolvimentos. Só depois de uma avaliação cuidada é que poderá haver lugar para iniciativas futuras, com estrita aplicação do princípio de subsidiariedade.
Vários oradores, incluindo as senhoras deputadas van den Burg e Kauppi, mencionaram o chamado 26º regime. Esse regime pode parecer atractivo na sua simplicidade, mas na prática requer algum grau de harmonização geral, seja em termos jurídicos ou fiscais, linguísticos, etc. Os benefícios do 26º regime não estão ainda provados, pelo que chegar a um acordo sobre normas opcionais europeias concebidas para determinados produtos será difícil. Não obstante, tomo nota deste debate e responderei ao pedido de avaliar e analisar a viabilidade destes sistemas, como foi explicitamente expresso no relatório da senhora deputada van den Burg.
Tanto a senhora deputada van den Burg como a senhora deputada Berès mencionaram os mercados de operações de pequenos montantes. Concordamos em que existem barreiras consideráveis à integração dos mercados de serviços financeiros de pequenos montantes. A integração destes mercados é complexa e exigente. Contudo, esta não deve ser a nossa conclusão, mas sim o nosso ponto de partida. As características do produto, os sistemas de distribuição, a protecção do consumidor, o direito contratual, as diferenças ao nível do consumo, cultura ou ainda outras realidades económicas ou estruturais desempenham um papel proeminente no domínio das operações de pequenos montantes e geram uma complexidade considerável na procura e oferta transnacional. Porém, estas barreiras têm a sua origem, por razões históricas, na fragmentação do mercado europeu. A Comissão não aceita o argumento de que, enquanto a integração europeia aumenta, esta fragmentação teima em permanecer. Dentro de dez anos, o mercado de operações de pequenos montantes terá uma configuração completamente diferente da de hoje. O nosso papel é antecipar e facilitar este desenvolvimento e não desmobilizarmo-nos de novas iniciativas.
A senhora deputada Berès e o senhor deputado Purvis levantaram a questão da gestão de activos. Procuraremos actuar só depois dos problemas terem sido identificados e encontradas possíveis soluções. Sempre que os objectivos puderem ser alcançados por meio de medidas não legislativas, é evidente que escolheremos essa via. Poderemos também precisar de considerar esta questão das mudanças legislativas se se revelarem a única forma de assegurar as liberdades do mercado único no domínio dos fundos de investimento.
O senhor deputado Radwan levantou uma série de questões, incluindo a das normas emitidas sobre a liquidação e compensação. Devo dizer que a Comissão não está vinculada, de forma alguma, pelas normas do SEBC-CARMEVM, e quaisquer decisões políticas que possam ser consagradas numa
futura directiva relativa à liquidação e compensação terão primazia sobre as normas SEBC- CARMVEN.
O senhor deputado Radwan também levantou a questão da governação democrática e da responsabilidade política daqueles que ditam as regras do jogo. A semana passada estive nos EUA. Os Senhores verão que temos tentado arduamente influenciar o processo de reformas em curso no
. Estamos a analisar as disposições propostas pelo
que elaborará normas nacionais, bem como de auditoria. Durante a última visita aos Estados Unidos, fizemos bons progressos em algumas destas áreas.
O senhor deputado Wohlin levantou a questão do novo quadro para os requisitos de capital. Eles oferecem várias abordagens. Relativamente aos bancos que passarem a adoptar as abordagens mais simples, a conversão das actuais normas de Basileia I não é uma coisa gigantesca, pelo que os custos de implementação são razoavelmente pequenos. Os bancos que passarem a adoptar as abordagens mais sofisticadas terão de despender mais, mas só o farão se se tratar de uma decisão negocial sensata e se os benefícios compensarem os custos."@pt17
"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@sk18
"Mr President, as I indicated earlier, this report marks the start of a new era in financial services. I thank Mrs van den Berg for her very stimulating report and the considerable effort that has gone into producing it.
Members raised other points, which I hope will be taken up in the time ahead.
In conclusion, I refer to what I said earlier: there is a considerable degree of convergence between the thinking in the European Parliament, the Council, industry, consumers and the Commission. I am convinced the coming five years will be extremely challenging. As the foundations for good collaboration between the institutions have been laid, I am sure we will be successful.
Based on this report and our consultation with other stakeholders, next week, on 3 May, I intend to present to the College of Commissioners a Green Paper on financial services policy for the next five years. I will present this paper to the Committee on Economic and Monetary Affairs in more detail on 9 May. The Commission’s Green Paper will be open for public consultation until 1 August. Our final policy conclusions, deriving from all this work, are planned for the end of this year.
A number of issues were raised and I will try to respond to some of them. Mrs van den Berg and Mrs Kauppi referred to the ‘Himalaya’ report. The Commission thinks integration needs to be accompanied by matching supervisory structures: the more integrated the markets, the more integrated and convergent the supervisory structures must also be. For the time being, I consider the Lamfalussy structures to be sufficient, but they need to be closely and continuously monitored and adapted, or further developed if needed. Only after careful assessment might future initiatives be necessary, with strict application of the subsidiarity principle.
A number of speakers, including Mrs van den Berg and Mrs Kauppi, mentioned the so-called 26th regime. That regime may sound attractive in its simplicity, but in practice it will require some degree of harmonisation across the board, whether legal or in terms of tax, language, etc. The benefits of those 26th regime schemes remain to be proven, and reaching an agreement on optional European standards designed for only certain products will be difficult. However, I take note of the current debate and will respond to the call to explore such 26th regime schemes further, as explicitly expressed in the van den Berg report.
Both Mrs van den Berg and Mrs Berès mentioned retail markets. We agree that there are important barriers to integration of retail financial services markets. The integration of retail markets is complex and demanding. However, this should not be the conclusion but our starting point. Product characteristics, distribution systems, consumer protection, contract law, differences in consumption, culture or other economic or structural realities play a prominent role in the retail area and create considerable complexity for cross-border supply and demand. These barriers, however, have their origin in the fragmentation of the European market for historic reasons. The Commission does not accept the argument that, as European integration increases, this fragmentation is there to stay. In ten years from now, the retail market will look completely different to the market of today. Our role is to anticipate and facilitate this development and not shy away from new initiatives.
Mr Purvis and Mrs Berès raised the question of asset management. We will look to act only after the issues have been identified and potential solutions found. Where objectives can be achieved by non-legislative action, we will obviously choose this route. We might also need to address this question of legislative changes if they present the only way to secure single market freedoms in the area of investment funds.
Mr Radwan raised a number of issues, including one on the standards issued on clearing and settlement. I must point out that the Commission is not bound in any way by the ESCB CESR standards, and any policy decisions which might be enshrined in a
future directive on clearing and settlement will take precedence over the ESCB CESR standards.
Mr Radwan also raised the question of the democratic governance and political accountability of rule-setters. Last week I was in the United States. You will note that we are working hard to influence the reform process under way within the International Accounting Standards Board. We are looking carefully at the arrangements proposed for the International Accounting and Auditing Standards Board, which will elaborate national standards and auditing. During that recent visit to the United States, we made good progress in some of these areas.
Mr Wohlin raised the question of the new framework for capital requirements. They offer a range of approaches. For those banks moving to the simplest approaches, the changes from the existing standards of Basel I are not huge, so the costs of implementation are reasonably small. Banks moving to more sophisticated approaches will have to spend more, but they will do so only if this is a sensible business decision and the benefits will outweigh the costs."@sl19
".
Herr talman! Som jag tidigare påpekade markerar detta betänkande början till en ny era inom finansiella tjänster. Jag tackar Ieke van den Burg för hennes mycket stimulerande betänkande och det gedigna arbete som har lagts ned under arbetet med det.
Några ledamöter tog upp andra punkter, som jag hoppas kommer att bli föremål för diskussion under den närmaste tiden.
Sammanfattningsvis hänvisar jag till det jag sade tidigare, nämligen att det finns en hög grad av konvergens mellan tankegångarna hos Europaparlamentet, rådet, branschen, konsumenterna och kommissionen. Jag är övertygad om att de följande fem åren kommer att innebära en oerhört stor utmaning. Eftersom grunderna för ett bra samarbete mellan institutionerna har etablerats är jag säker på att vi kommer att vara framgångsrika.
Med utgångspunkt från detta betänkande och vårt samråd med andra berörda parter har jag nästa vecka, den 3 maj, för avsikt att lägga fram en grönbok för kommissionen om politiken för finansiella tjänster för de kommande fem åren. Jag kommer att presentera detta dokument mer detaljerat för utskottet för ekonomi och valutafrågor den 9 maj. Kommissionens grönbok kommer att vara öppen för offentligt samråd till den 1 augusti. Våra slutliga politiska slutsatser, som kommer att bli resultatet av allt detta arbete, är planerade till slutet av året.
Ett antal frågor togs upp, och jag skall försöka svara på några av dem. Ieke van den Burg och Piia-Noora Kauppi hänvisade till Himalayarapporten. Kommissionen anser att integrationen måste åtföljas av övervakningsstrukturer som är anpassade till den. Ju mer integrerade marknader, desto mer integrerade och konvergerade måste också övervakningsstrukturerna vara. För närvarande anser jag att Lamfalussy-strukturerna är tillräckliga. De måste dock övervakas och anpassas noggrant och oavbrutet, eller utvecklas ytterligare om så krävs. Det är endast efter noggrann bedömning som det kan bli nödvändigt med initiativ i framtiden, med strikt tillämpning av subsidiaritetsprincipen.
Ett antal talare, inklusive Ieke van den Burg och Piia-Noora Kauppi, nämnde också den så kallade 26:e EU-bestämmelsen. I dess enkelhet kan bestämmelsen låta lockande, men i praktiken kräver den en viss harmonisering inom hela unionen, antingen rättslig eller i fråga om skatt, språk och så vidare. Det återstår att bevisa fördelarna med dessa system inom ramen för den 26:e EU-bestämmelsen, och det kommer att vara svårt att komma överens om alternativa europeiska normer som utformats endast för vissa produkter. Jag noterar emellertid den nuvarande diskussionen och kommer att tillmötesgå kravet på att undersöka sådana system inom ramen för den 26:e EU-bestämmelsen närmare, vilket anges uttryckligen i Van den Burg-betänkandet.
Både Ieke van den Burg och Pervenche Berès nämnde privatmarknader. Vi håller med om att det existerar betydande hinder för att integrera marknaden för tillhandahållandet av finansiella tjänster till enskilda konsumenter. Integreringen av privatmarknader är komplicerad och krävande. Detta får dock inte vara slutsatsen utan vår utgångspunkt. Produktegenskaper, distributionssystem, konsumentskydd, avtalsrätt, skillnader i konsumtion och kulturella eller andra ekonomiska eller strukturella realiteter har en framskjuten roll på privatmarknadsområdet och skapar avsevärda komplikationer för gränsöverskridande utbud och efterfrågan. Av historiska skäl härrör emellertid dessa hinder från uppsplittringen av den europeiska marknaden. Kommissionen godtar inte argumentet att denna uppsplittring finns där för gott, i och med att den europeiska integreringen ökar. Om tio år kommer privatmarknaden att se helt annorlunda ut jämfört med marknaden i dag. Vår uppgift är att påskynda och underlätta denna utveckling och inte rygga för nya initiativ.
John Purvis och Pervenche Berès tog upp frågan om kapitalförvaltning. Vi kommer att agera först efter det att frågorna har identifierats och det finns potentiella lösningar till hands. Där det är möjligt att uppnå målen utan att tillgripa åtgärder som kräver lagstiftning, kommer vi naturligtvis att välja den strategin. Vi kanske också måste ta upp frågan om ändring av lagstiftning om det är det enda sättet att säkerställa friheten på den inre marknaden när det gäller området för investeringsfonder.
Alexander Radwan tog upp flera frågor, inklusive en om de standarder som tillämpas för clearing- och avvecklingssystem. Jag måste påpeka att kommissionen inte på något sätt är bunden av ECBS-CESR-standarder, och alla politiska beslut som kan komma att skrivas in i ett
framtida direktiv om clearing- och avvecklingssystem kommer att gå före ECBS-CESR-standarder.
Radwan tog också upp frågan om demokratisk styrning och politisk ansvarsskyldighet för dem som utarbetar reglerna. I förra veckan var jag i Förenta staterna. Ni kommer att märka att vi arbetar hårt för att påverka den reformprocess som pågår inom IASB (internationella organisationen för internationell redovisningsstandard). Vi undersöker noggrant de föreslagna planerna för IAASB (International Auditing and Assurance Standards Board), som kommer att utarbeta nationella standarder och revisionsförfaranden. Under vårt besök i Förenta staterna nyligen gjorde vi stora framsteg på några av dessa områden.
Lars Wohlin tog upp frågan om en ny ram för kapitalkrav. Det finns många olika strategier som kan tillämpas. Förändringarna från de existerande standarderna för Basel I kommer inte att vara så stora för de banker som skall gå över till de enklaste strategierna, och därför kommer kostnaden för genomförandet att vara relativt liten. Banker som går över till mer sofistikerade strategier tvingas spendera mer, men det kommer de bara att göra om detta är ett förnuftigt affärsbeslut och fördelarna uppväger kostnaderna."@sv21
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"Charlie McCreevy,"5,19,15,1,18,14,16,11,11,10,13,4
"IASB"17
"International Accounting"12
"International Accounting and Auditing Standards Board"17
"Member of the Commission"5,19,15,1,18,14,16,11,11,13,4
"eventuellen"9
"governance"3,12
"mahdollisessa"7
"mogelijke"3
"muligt"2
"possible"5,19,15,1,18,14,16,11,13,4
"éventuelle"8
"ενδεχόμενη"10
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Named graphs describing this resource:
The resource appears as object in 2 triples