Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-02-05-Speech-2-042"
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"en.20020205.3.2-042"2
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"Mr President, even though I have only two minutes in which to speak, I have to begin by saying this: Esteemed Commissioners, we MEPs are now committed to working on the assumption that the Commission's statement is made in accordance with the thinking behind the codecision procedure and on the basis of the role played by Parliament and the Council in the Lamfalussy procedure being one of equivalence and parity. And what are we doing today? This is a very important stage in the new European Union's coming into being, and I think we have managed to specify what paper and pencils are to be used, where the entrances will be, which architects to appoint and what they can do and when they can do it on the road towards standardised financial services. What we should not forget in all this, though, is what the edifice will look like, because it will be one of the most important high-rise blocks in the European Union. Following this trial of strength between Parliament, Commission and Council, the issue is now what we want this building to be like. That is the next step and also what we in Parliament expect.
Our expectation is that the standardisation of financial services will not result in the problem of consumers having this sort of excess of information, that, in other words, once equal entitlement to them is offered without regard to national frontiers, that it does not come pouring in like a flood of videoclips inundating the consumers, who will then be ‘overnewsed and underinformed’. We, of course, expect to prevent the big businesses' desire for excessive market concentration, resulting in a mere two or three players ending up defining the market. The insurers Allianz have said that they will only go into markets where they will be among the top three, and that, on an international level, will become a self-fulfilling prophecy.
The third problem is the insecurity of investors. We are implementing this at a time when only 65% of Germans who invest in stocks and shares state that they want to carry on doing so. We live at a time when we have to deal with the collapse of important pension facilities in the USA, and ‘ruinitis’ is going round. This must not be allowed to happen in Europe. There you have a demand for what your legislation should contain. If we end up with USA-style unequal distribution, then we in Europe will have failed."@en1
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