Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-03-11-Speech-2-273"
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"en.20030311.11.2-273"2
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"Mr President, Commissioner, ladies and gentlemen, I should like, at the beginning of my speech on this report, to thank three groups of people: firstly, and especially, the representatives of the Spanish and Danish Presidencies. The Spanish Presidency made the common position possible, and the Danish Presidency worked hard at seeking dialogue with us. I am also glad and grateful that, in the last week, the Greek Presidency has set aside its self-imposed ban on engaging in talks.
I should like to thank Commissioner Bolkestein’s political staff and secretariat for their constant readiness to engage in discussions with us and to work with us on reaching compromises.
Finally, I should like to thank the shadow rapporteurs, Mr Kuckelkorn and Mr Huhne, together with my committee colleagues, who were extremely flexible and who conducted themselves in such a way as consistently to help us bring about this directive without our having to jettison the principles we laid down at first reading. I should like to thank them most sincerely for their contribution.
The second point I should like to make is that this directive has also clearly shown the problems we have where legislative procedure is concerned. In October 2000, we received the Commission proposal; and Parliament concluded the first reading in July 2001; but it was not until 5 November 2002 that the common position was made known to us. Today we have the second reading debate, and tomorrow the vote. As this needs to be recalled to mind, I would take this opportunity to state very clearly that we wanted to show our ability to conclude such an important directive at first reading. Parliament’s first reading produced 458 votes in favour. If the Council had accepted this gesture of cooperation on our part, we should already have had this directive long ago.
My third point, which I make partly in response to a number of today’s press reports, is that this directive is neither a pensions directive nor a directive concerned with social insurance products. Nor does it just have to do with occupational retirement provision. As its name suggests, it is a directive on the activities and supervision of institutions for occupational retirement provision. That needs to be stated, because we are concerned here with a financial services directive. That being said, many wishes have of course been expressed to me in terms of defining the benefits, designing the products, and so on. When they hear the words ‘occupational retirement provision’, people ask what the benefits are for themselves at a time of prevailing uncertainty in all the Member States where pensions are concerned.
In view of the fact that the financial services and internal market directives, together with the relevant institutions, play a key role in the funding of the European economy and the operation of capital markets, we have tried, in this highly charged situation, to follow the path laid down in Lisbon and to bring about not only competition but also a corresponding degree of social security. We also had the task of structuring occupational pension schemes as the second pillar of retirement provision and of dealing with the social aspects of this.
This directive is a success for the European Parliament. We amended the Commission proposal at first reading. At second reading, we shall amend the common position along lines that reflect our own thinking. This directive is not the end product. It is a first step. I believe that the directive will be of benefit to people because there will be more suppliers in competition with one another; that, with the creation of the European market, it will have more advantages for people on the move; that it will have more advantages for citizens and suppliers because the second pillar too will now be regulated on a European basis; and that it will benefit the capital market by moving sums to the tune of EUR 2 000 billion around the market and hopefully increasing that capital. The directive will be of benefit to the internal market due to the provision of venture capital, and it will be of benefit to the institutions because European regulations will exist, so making cross-border activities easier.
We have made amendments to six items as a matter of priority. The amount of information to be given to recipients of pensions has been increased. The biometric risks have been clearly formulated, and it has been made possible to cover these. It has been clearly specified that our objective is life-long pensions, which must be at the heart of our arrangements. The directive will lead to coordination of the work of the supervisory authorities, and it has laid the foundations for a level playing field. It has still not liberalised the assessment stipulations. Given the Council’s position, that was not possible. Nor has the directive clarified the issue of tax harmonisation, and it has still not fulfilled our desire to see the second pillar structured in the same way throughout Europe, so providing for greater social security.
The directive is an important step in the right direction, however. I believe we have maintained the balance within the framework of our competences and the existing options. I should like most sincerely to thank all those who have contributed to the work."@en1
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