Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-18-Speech-1-106"
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"en.20021118.6.1-106"2
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". – Mr President, I wish to begin by paying tribute to the speed and quality of Parliament's work. I must also commend the rapporteur on his excellent work.
Financial conglomerates are important players in European financial markets. A significant number of them are also systemically important groups. If such a group were to face financial difficulties it could seriously affect financial markets and people's savings. Currently the supervision of such groups is not adequately regulated in European financial legislation. The directive will therefore address an important loophole in our financial legislation. Its adoption will contribute to financial market stability, the need for which has been demonstrated dramatically over the past months.
The Council has also recognised the importance of this directive and has unanimously agreed on a common position. The common position has taken into account Parliament's main concerns expressed at first reading and is faithful to the objectives and the spirit of the Commission proposal. For all these reasons, I commend the Council common position to Parliament and urge its rapid adoption."@en1
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