Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-18-Speech-1-105"
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"en.20021118.6.1-105"2
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".
Mr President, I am taking the floor instead of Mr Lipietz, who should have been presenting this report on behalf of the Committee on Economic and Monetary Affairs, with his customary flair. Unfortunately, Mr Lipietz was unable to come to Strasbourg for this sitting for pressing personal reasons. I am therefore taking his place, being a member of the same committee and of the same group.
We are all aware that financial conglomerates own a substantial proportion of the domestic financial markets of many Member States. Some of them belong to bigger groups that are present on the EU’s financial markets. If the businesses belonging to conglomerates of this type were to face financial difficulties, they could seriously affect the overall financial system. At the present time, these cross-sector financial groups are not adequately regulated by current legislation. Therefore, we can only welcome the fact that the Commission, in the spring of 2001, presented a proposal for a directive to bring in the supervision of financial conglomerates such as these. The events of the past year, such as the collapse of e-commerce, numerous financial scandals, including the highly publicised collapse of Enron, and also increased pressure on insurance companies in the wake of 11 September, have inevitably highlighted the need for better regulation of this sector.
The Commission proposal and the amendments by the Committee on Economic and Monetary Affairs received Parliament's firm support at first reading stage at the beginning of this year. The Council also made swift progress on this dossier by reaching a common position shortly afterwards. The outcome of the Council’s deliberations is also extremely encouraging. Parliament can most certainly welcome the fact that the Council has retained almost all the elements contained in the amendments adopted by the European Parliament at first reading and that the common position has taken sufficient account of the main concerns expressed by Parliament.
Despite the fact that there are a few areas where the common position could have been improved further, your rapporteur’s major concern is to see this new and enhanced regulatory framework implemented as soon as possible. He therefore proposes – and the Committee on Economic and Monetary Affairs approved this position almost unanimously – that the common position be adopted in its current form. This will enable us to ensure that European conglomerates will, in the very near future, be governed by the most up-to-date, most efficient and most effective regulation and controls possible."@en1
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