Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-18-Speech-1-108"
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"en.20021118.6.1-108"2
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"Madam President, Commissioner, I would like to start by thanking the rapporteur very warmly for his work and for the prompt joint implementation of this directive. It is of great importance to the European financial market, to the internal market, and to financial services. In particular, we have to see to it that there is no recurrence in Europe of cases of the magnitude of Enron or World Com. It makes a fundamental contribution to the stability of Europe's financial markets. The success of a regulation of this sort is in the financial institutions' own best interests.
The conglomerates are of course houses offering services in the fields of securities, insurance and banking. We, the Group of the European People's Party (Christian Democrats) and European Democrats, tabled a number of amendments, relating in particular to the choice of methods of calculation available, but these were subtle distinctions. At the end of the day, we are very satisfied with the draft as a whole, which should be adopted in this form.
I would, though, especially like to point out an innovation in this directive, one that is of great importance to us in terms of the overall discussion of financial supervision in Europe. I refer to the role and structure of the so-called coordinator, who is in future to be appointed for a financial conglomerate. An increasing number of such conglomerates are coming into being, for example, in my own country, Germany, by the buying-up of Allianz Versicherung by the Dresdner Bank, thus creating a classic conglomerate which is also active right across Europe. This coordinator is expected in future to be part of a country's own supervisory authority and to make sure that the work of Europe's various supervisory authorities is coordinated, and that accounting standards are the same. He is to ensure, on the one hand, that unnecessary bureaucracy is avoided, but also, on the other, that information concerning this conglomerate is exchanged, thus enabling a better grasp of the conglomerate's complexities.
I believe that the good and important thing about this is that it gets us closer to answering the question of what shape financial supervision in Europe will take in future. Being myself at present unable to feel at all at home with the idea of a European super-authority to deal with financial supervision, I believe that we should extend this idea and concept beyond financial conglomerates to other fields and thereby gain useful experience before we give consideration to an overarching authority. I believe that the Conglomerates Directive can, in this respect, lead the way and give a good example. Therefore, speaking on behalf of the Group of the European People's Party (Christian Democrats) and European Democrats, I can tell you that we will be voting in favour of this directive."@en1
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