Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-02-05-Speech-2-028"
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"en.20020205.3.2-028"2
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"Mr President, what is interesting about this report is the expressed concern for Parliament's rights. This is matched by the claim that the committee wants to enhance democratic control over this fast-moving area. What I do not see is any concern expressed for those in financial services or for the customers they serve. Without dwelling on any particular aspect of the financial services legislation to which this report refers, I have to fulfil my own democratic responsibility and point out that the aggregation of Community legislation is slowly, but inexorably, strangling the financial community and making it almost impossible to trade.
In this context I am constantly reminded by my constituents that those most affected are the small and independent financial advisers, the net effect being that business is becoming steadily concentrated in the hands of larger and larger firms. On the other hand, I see no slackening in the number of financial scandals which break into the headlines. In fact, the very reverse seems to be the case. Coming as I do from a tradition where parliament is the guarantor of safeguards and freedoms of individuals, I therefore find this report yet another exercise in increasing the power of the Community institutions, with no thought for what the legislation is trying to achieve. The committee is counting the angels dancing on the end of a pin while the industry gradually collapses. This to me typifies what the Community is about."@en1
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