Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-20-Speech-3-289"
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"en.20021120.8.3-289"2
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"Mr President, I support the extension of the Lamfalussy procedure in principle and I hope the interinstitutional difficulties can be resolved as soon as possible, so we can move forward and modernise decision-making structures in relation to banking, insurance and financial conglomerates. All the institutions need to work together to make this possible and I hope in particular that the Council will be able to make a declaration signalling its willingness to review Article 202 in 2004.
We welcome significant parts of the van den Burg report: its focus on improved enforcement, its call for supervisors to be given some discretion and to be allowed to exercise judgement rather than inflexibly and unthinkingly enforcing rules and ticking boxes. We also support the call for a regulatory cost-impact assessment by the Commission and by Parliament for its amendments. We agree that there is a need for more cooperation between national supervisors and enhanced links and dialogue with the US.
On the issue of a single pan-European supervisor, we have some divergence of views within our group. We are united in our view that it would be wrong to set up a pan-European supervisor now or in the medium term. Some of us in the British Conservatives would rule it out in principle, others within the PPE-DE Group would like to keep the option open as a very long-term possibility. I oppose a pan-European supervisor because it would have too much power. The concentration of power in, for example, the UK's Financial Services Authority, is very daunting in itself. A European equivalent would be a bureaucratic behemoth, unable to keep up with the dynamism and innovation of financial markets. A pan-European regulator would not have the expertise to deal with transactions and markets as diverse as, for example, the London derivatives market and the many thousands of small German savings and public banks. An effective regulator must be close to and must understand the markets it regulates.
A single enforcer for financial services in the EU would have an impossible job, given the divergence of rules and legal systems across the EU. Financial regulators play a key role in prosecution and criminal justice, and these are matters which should remain within the remit of the Member States. There is so much other work to be done to create a single market in financial services and to really deliver those benefits that the Commission report talked about only a few days ago. EU decision-makers should accept that a centralised solution is not always the best solution."@en1
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