Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-12-Speech-3-262"
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"en.20000412.10.3-262"2
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"Mr President, I am referring, as you have said, on behalf of the Committee on Legal Affairs and the Internal Market, to the Commission communication on the action plan for the implementation of the framework for the financial markets.
As the main rapporteur, Mr García-Margallo y Marfil, has pointed out, in this regard there are two questions which are, firstly, taxation
without fiscal harmonisation it would be very difficult to establish Community financial markets – and secondly, a legal framework.
With regard to the legal framework, I believe that there is a paradox in this sector. The more liberalised an economy is, the more necessary it becomes to rigidly regulate the financial markets. The American economy, which is probably one of the most liberalised economies in existence, is the economy which lays down the most detailed regulations for the financial markets. The Commission, in its proposal, on page 18 of the Spanish version, after recognising the competence of Parliament by means of codecision, in accordance with Article 251 of the Treaty, tells us that we should move towards very flexible procedures by means of comitology. Comitology in these cases usually means taking away with one hand what is given with the other.
In this respect, I am in total agreement with the conclusions of the rapporteur. I believe that we need some very specific legislation and I am sure that the Commission can count on the support of Parliament in the drawing up of this legislation. As the rapporteur said a moment ago, we cannot expect confidence on the part of investors, consumers and, ultimately, the financial markets, if they do not have a specific legal framework in which to operate. The only way to do this is to replace the current rigid regulations with a set of specific Community regulations which will produce certainty in this very delicate sector of the economy."@en1
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