Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-12-Speech-3-275"
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"en.20000412.10.3-275"2
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"Mr President, as the rapporteur, Mr Kuckelkorn said, state pension schemes, as the first pillar, must be supplemented by supplementary company pension schemes which are efficient and therefore also increase legal certainty, and which actually do justice to one’s entitlement to a pension. A directive must not be used to make a name for a particular form of insurance and what is more, to equate provisions for old age with capital building processes, because at the end of the day, supplementary pensions products are no ordinary investment products. That is why I really think it is very important for us to have different taxation systems in the Member States, particularly for those products that also cover biometric risks.
That is why today’s debate has in fact enabled us to embark on the further deepening of the single market, for in the single market and the euro we have, for the first time, the environment we need to get the financial service providers in the EU to operate in a truly efficient manner, and to enable us to take account of the idea of financial legislation and financial supervision.
Of course we would not wish to deter the market participants from making good use of improved business opportunities. On the other hand though, we also want to safeguard financial stability and consumer protection interests. The European Summit in Lisbon was right to emphasise again the importance of having integrated and efficient financial markets, and this House will also be in favour of keeping to a strict timetable. At the same time though, we must do all we can, in view of the single market and the introduction of the euro, to improve the capital base for small and medium-sized enterprises and high technology companies in particular. We must also do all we can to take account of measures favouring effective, cross-border consumer protection in the process. It will also be necessary, to this end, to improve cooperation between the regulatory and supervisory authorities at European level.
There is also a need for financial stability, and it has to be said at this point, that the increase in company mergers in the financial sector constitutes a serious problem at present. We would also do well to refer to the OECD reports, which make clear reference to the risks posed by megamergers in this sector. At the end of the day, when financial conglomerates that are too big to fail come into being, not only does this increase the moral hazard of the institutes concerned, but the economic and financial policies of the States concerned are also faced with new risks. We must do everything we can to prevent any weakening of financial stability, for this would lead to companies making use of the profits and tax payers having to sustain any losses.
It is regrettable that there is no direct consideration of consumer protection in the Lisbon Conclusions. Unless we establish a reliable legal framework which is as informative and transparent as it could possibly be, not to mention liability for the benefit of the consumer, it will not be possible to complete the single market…"@en1
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