Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-02-05-Speech-2-044"
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"en.20020205.3.2-044"2
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". – Mr President, Mrs Randzio-Plath has drawn to our attention the importance of financial markets and the Commission wholeheartedly subscribes to her words in that respect. She said so in order to stress the importance of the report by Mr von Wogau and there again the Commission agrees with Mrs Randzio-Plath.
Mrs Villiers very succinctly put her finger on the sore spot by saying that a compromise is necessary and that is what we are discussing this morning because the call-back option is not permitted under the Treaty and the comitology procedure. That is perfectly correct. Mrs Villiers then went on to say that we are talking here about benefits for ordinary people. There again the Commission wholeheartedly agrees. Fortunately we are living in the European Union where more and more ordinary people own shares and all we are doing this morning is providing a legislative framework which safeguards the interests of ordinary people. I am very pleased to say that we are making good progress in this work.
If I have understood Mrs Randzio-Plath correctly, her interpretation implies that the Commission would not go against a simple majority in Parliament. Without saying so she refers to the "aerosol declaration" which the Commission appended to the comitology decision of June 1999. If that is what she meant – this is not the first time that Mrs Randzio-Plath and I have discussed this matter – then that is not a possibility for the Commission because, as Mrs Villiers and other Members of Parliament know, it does not agree with the comitology decision or with Article 202.
I should like to address Mr Goebbels' comments. He said that the Commission should show respect for Parliament's resolutions. The Commission does show respect for Parliament's resolutions. More to the point, the Commission has said that it will take the fullest account of Parliament's position. What more can Mr Goebbels want? I should like to add that the Commission has respect for Parliament's resolutions, but it has more respect for the Treaty. It has more respect for the agreed comitology procedure. The Commission shows respect all around but is bound by the formalities of the Treaty and wishes its words to be interpreted in that way.
Mr Goebbels also made reference to the word "equivalence". The Commission has very clearly indicated its sympathy with Parliament's position with respect to Article 202. It has laid that down in black and white in the White Paper on comitology. The Commission will continue to work on that basis – as stated by the Commission President, Mr Prodi, when he said that the Commission would continue to do that and, fully respecting the existing institutional balance, the Commission would treat Parliament and the Council on an equal footing. In the end we are striving for what we can achieve only at the next IGC, which hopefully will start in the year 2004.
Since this is close to the hearts of Members of Parliament, may I end by summarising in seven points the safeguards which this Parliament has. Firstly, the extent of delegated powers will be defined through codecision. Secondly, there will be a fully open and transparent process including a market participants' group attached to the European Securities Regulators' Committee. Thirdly, there will be a sunset clause – and this is in response to a specific request from Mr Huhne in this Parliament – limiting the duration of the delegated powers to four years after adoption of each legislative act. Fourthly, the Commission, as I have mentioned a few times this morning, will take the utmost account of Parliament's position and of any resolution – Mr Goebbels – stating that the Commission has exceeded its delegated powers. Fifthly, the Commission will support a change to Article 202 at the next IGC. Sixthly, there will be a full and open review in 2004 and we hope an interinstitutional monitoring group to ensure everyone carries out their commitments connected with the Lamfalussy process. Seventhly and lastly, if the Commission fails to respect its engagements Parliament will not grant any further delegated powers in future. In effect, Parliament can make its voice heard in no uncertain fashion and the Commission is bound to listen to that.
I should like to thank the rapporteur and Members of Parliament for their constructive attitude. Mrs Randzio-Plath was kind enough to say a few kind words in my direction. May I reciprocate and say that I have always found the discussions with the chairperson of the Committee on Economic and Monetary Affairs very fruitful, friendly and, in the end I hope, constructive."@en1
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