Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-12-Speech-3-269"
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"en.20000412.10.3-269"2
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"Mr President, the Socialists support the Commission’s efforts to establish a transparent and fluid internal financial services market. It is in the interest of economic operators and all consumers that the costs of capital and financial intermediation should be as low as possible. European financial markets are currently suffering from compartmentalisation along national lines, even though, following the globalisation of the international financial system, we are seeing the widespread phenomenon of mergers and internationalisation.
The action plan aims to make the European market equal to the American market. The success of the American market is basically due to ‘king dollar’. It is paradoxical in this context to note that some of the most ardent supporters of financial liberalisation at the same time oppose the euro. The real introduction of the euro in 2002, however, will result in transparency and competition, which will force the national markets to adapt more quickly than they had anticipated. The problem is that the legislative bodies, both national and European, are taking a long time to adapt the law to reality. Personally, I would not be opposed to an accelerated legislative procedure, on condition that it does not end up as a mere exercise for non-accountable technocrats.
The Commission could make a useful contribution in the form of proposals simplifying and codifying the 11 or so directives that govern the banking sector, the 8 directives on investment funds, and the 21 directives dealing with the insurance sector. There is not only a problem of coherence in the various legislations on the different sectors of the financial world, but in particular there is the problem of supervising and protecting the public interest. John Kenneth Galbraith condemned the mistaken idea that there is any link between money and intelligence. The lure of profit is such that the financial world tends to create a form of collective euphoria, which often leads to financial crisis.
The free movement of capital must be accompanied by an efficient regulatory and prudential framework, because supervision of the various markets is divided up according to country and sector, but at the same time, as a result of mergers, acquisitions and amalgamations, boundaries between banks, insurance companies, investment funds and pension funds are disappearing. Finland and the United Kingdom have drawn conclusions from this and have established a single prudential authority for the whole sector. Article 105(6) of the Treaty stipulates that the Council can entrust the ECB with specific tasks relating to policies on the prudential supervision of credit companies and other financial companies, with the exception of insurance companies. Should the Council not use the Intergovernmental Conference to establish the necessary legal basis for the Council to be able to entrust the ECB with certain specific tasks relating to the prudential supervision of insurance companies too?
I must congratulate the rapporteur, Mr Kuckelkorn, for the tenacity with which he argues in favour of supplementary pensions and for these to become in effect a second pillar of insurance for old age. I shall conclude, Mr President, by pointing out that it amounts to saying that whilst we should not discard insurance products we must favour products which cover biometric risks."@en1
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