Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-03-28-Speech-3-085"

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"Madam President, I would like to thank the Chairwoman of our committee, Mrs Berès, for her timely contribution. We started discussing the van den Burg report in committee this week, and one of the key topics also in the post-FSAP agenda is how to develop a good supervisory system for Europe. It is very important for us to hear what the Council and Commission think about the future in this joint agenda. The Financial Services Action Plan is now more or less complete, so the focus is now on implementation and supervisory convergence. We think that even though national regulators have already been able to develop quite good practices, the work must go on, and beyond the Lamfalussy committees. It is for example very positive that we now have colleges of supervisors handling big, multi-jurisdiction, pan-European cases, but sometimes these colleges lack authority; they do not have enough resources; they do not take enough majority decisions, for example, so it would be very good if we could consider more qualified majority voting in Level 3 committees as well as in the colleges of supervisors. I would also like to point out that in Mrs van den Burg’s draft report we have promoted a new idea that, for top pan-European players, we should have a well-equipped European supervisory authority inside the system. We would like to create a European supervisory authority, but it should not be outside the scope of the Commission’s current sphere of responsibility. It should be inside the system. I think this idea could also be considered by the Commission. Finally, it is also important to develop cooperation at global level. We know that the financial risks and prudential challenges are not only European, but also very much involve the big market players in America, and so on, so it is very good that the Commission has taken this financial services dialogue with transatlantic partners seriously, but there needs to be continual further development."@en1

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