Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-02-05-Speech-2-020"
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"en.20020205.3.2-020"2
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".
Mr President, ladies and gentlemen, I am very pleased to be responding on behalf of the European Commission to Mr von Wogau’s report on the implementation of financial services legislation, in the context of the Lamfalussy report.
Mr President, ladies and gentlemen, I hope you will firmly support the approach that I have outlined. It is the fruit of a lengthy debate and very close cooperation between Commission and Parliament.
I would like to start by congratulating Mr von Wogau and thanking him for all his impressive efforts to build consensus on this important matter in this House. Let me also congratulate Mrs Randzio-Plath, who chairs the Committee on Economic and Monetary Affairs and who has helped to stimulate the Commission’s thinking on these matters.
Indeed, with this approach, we can now take another major step forward towards European financial integration, which is the next crucial step after the introduction of the euro.
Today’s positive result makes it even more essential for work to start in the interinstitutional working party to which Prime Minister Aznar, no less, pledged his authoritative support before this House during the January part-session.
Implementing the proposals contained in the Lamfalussy report in a fair and balanced way is of major importance to the European Union. It lays down essential stages for delivering the entire Financial Services Action Plan by 2005, as requested by the Lisbon European Council, and the measures relating to the securities markets by 2003, as requested by the Stockholm European Council.
The aim is, of course, to build a strong, stable, pan-European capital market, a market which will benefit its citizens and businesses by improving future employment and growth prospects throughout Europe.
We have reached a fair and honourable compromise. Let us, together, seize the moment. I am confident that our debate today will yield a positive result and send out a strong signal of the renewed and effective cooperation between Commission, Council and Parliament.
Before making a formal statement on behalf of the Commission, I should first like to dispel any possible doubts by stating that the Commission will act both on this statement and on the Stockholm European Council resolution and what is set out in the letter of 2 October 2001 from Commissioner Bolkestein to Mrs Randzio-Plath, Chairman of the Committee on Economic and Monetary Affairs.
I should also like to draw your attention to three vitally important points. Firstly, the Commission will naturally respect Parliament’s powers of codecision and the rights to information and transparency which underpin our democratic process. The Commission will do business with Parliament and the Council on a joint basis, fully respecting the current interinstitutional balance. Secondly, the Commission will, without exception, take full account of the European Parliament’s position, as is provided for in the Stockholm European Council resolution. It will do everything in its power to find appropriate solutions in keeping with the current interinstitutional balance. Thirdly, with a view to the longer term and the revision of the Treaties, the Commission wishes to see Article 202 amended and both its own future executive duties and the joint role of the two co-legislators clarified.
This concludes my preliminary remarks. I shall now make a formal statement on behalf of the European Commission:"@en1
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"Ahead of the Barcelona European Council, which will take stock of the European Union’s economic reform process as mapped out in Lisbon, the Commission welcomes the close cooperation between the Community institutions and expresses confidence in its harmonious development when it comes to implementing the Commission’s proposals, in line with the recommendations of the Committee of Wise Men chaired by Baron Lamfalussy."1
"In the meantime, before the next revision of the Treaty and without setting a precedent, flexible regulatory mechanisms in the field of financial services are needed that fully respect the institutional balance. In this regard, a letter was sent on 2 October 2001 by the responsible Commissioner to the chair of Parliament’s Committee on Economic and Monetary Affairs. In this context, the Commission is now in a position:"1
"The Commission stated in its White Paper on European Governance that, in general, its executive responsibilities need to be more clearly defined and that the Council and the European Parliament should have an equal role in controlling the way in which the Commission carries out its executive role. In the White Paper, it also announced its intention of launching a debate on this issue in the context of the forthcoming Intergovernmental Conference and indicated that it favours an amendment to Article 202 of the EC Treaty."1
"The delivery of the Financial Services Action Plan by the deadlines set by the European Council conclusions – 2005 for the entire Action Plan and 2003 for the measures relating to securities markets – is crucial to achieving this objective."1
"to ensure full transparency vis-à-vis Parliament throughout the entire procedure for the adoption of implementing measures. The Commission will also ensure that there is wide public consultation before draft implementing measures are drawn up;"1
"to ensure that Parliament is given a period of three months from the first transmission of draft implementing measures in which to examine them and to give its opinion. However, in urgent cases that are duly substantiated, this period may be shortened;"1
"to recall its political willingness to endeavour to ensure that Parliament benefits from equivalent treatment and, in order to secure effective cooperation between the institutions, reaffirms its commitment to take the utmost account of Parliament’s position and any resolutions that it might adopt with regard to implementing measures exceeding the implementing powers provided for in the basic instrument and the Commission’s aim of reaching a balanced solution in such cases.”"1
"to support Parliament’s wish to see the establishment of a market participants group attached to the Committee of European Securities Regulators, and it strongly encourages its establishment in as short a time as possible;"1
"to take note of Parliament’s intention to limit the duration of the delegation of executive powers to the Commission to four years from the entry into force of each particular directive, subject to an extension being proposed by the Commission and accepted by Parliament and the Council. The Commission could accept amendments adopted by Parliament to this end;"1
"“As was recalled at the Lisbon and Stockholm European Councils, the integration of financial services markets is fundamental to strengthening the European economy."1
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