Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-05-16-Speech-2-646-000"

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"Mr President, as the EPP shadow rapporteur for this file, I want to congratulate the rapporteur for the excellent work done. The rapporteur has involved people in this process from the start. I also want to say that this is one of the most important debates this Parliament will have, because this is the first time, when this report is adopted tomorrow, that any institution of the European Union has actually got a report on the table. I am aware that the Commission is in a consultative phase right now in terms of the future regulatory environment, and I would ask them to study carefully, as the Commissioner said, what we have produced in this report. We see this as an opportunity, not just for businesses here within the European Union but – much more importantly – for customers. This is about getting the best deal possible for customers. It is about moving into new space, and also about transforming how we deliver financial services. A key issue for our group, the European People’s Party, was the question of financial stability. We want to make sure that as we go forward we do not lose the very important steps that have been taken in the last decade or so in terms of financial stability. That is an important issue. Europe is lagging behind. The great majority of the large FinTech businesses have been established in the United States, in China and Israel – not in Europe. We are behind other parts of the world, notwithstanding the fact that in places like my own constituency of Dublin, in the Netherlands, in France and in Germany and elsewhere, and London especially, we have seen fantastic hubs being developed. We need the right regulatory environment, and that is about the regulators working with innovators to make sure that we can do that. Sand boxing was an idea that we have produced in our report. We think that there is further merit in that. We have said many things when it comes to data security. We believe that those issues need to be resolved. We also believe it is important for the digital market economy – the digital single economy – that we make sure this transformation occurs right the way across all of the institutions here in the European Union. This is about a new opportunity for Europe, seizing the opportunity that is there for the digital single market and making sure that our businesses in the European Union, big and small, can flourish and grow within this transformative space."@en1

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