Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-12-15-Speech-1-085"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-12-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Takeover bids2
dcterms:Language	"it"^^xsd:language2
lpv:document identification number	"en.20031215.7.1-085"2
lpv:hasSubsequent	lp_eu:2003-12-15-Speech-1-0862
lpv:speaker	lp:Renato Brunetta2
lpv:spokenAs	member; Delegation for relations with the countries of south-east Europe (2002-02-07--2004-07-19)3,3 member; EPP-ED (1999-07-20--2004-07-19)3,3 member; ECON (2002-01-17--2004-07-19)3,3 substitute; Committee on Foreign Affairs, Human Rights, Common Security and Defence Policy (2002-01-17--2004-07-19)3,3 unknown; Forza Italia (1999-07-20--2004-07-19)3,3
lpv:translated text	"Mr President, Commissioner, ladies and gentlemen, the takeover bids directive is an essential legislative act for the creation of a genuine internal market in corporate control: a legislative act which can give a decisive boost to the virtuous circulation of capital in Europe. Virtuous circulation means more productivity, more growth, more competitiveness and - I am addressing the left-wing Members here - more employment. After 14 years, we have, at last, reached our goal and it is a pity that the Commission is not taking up the positive aspects of the present compromise. In recent months, there has been intense cooperation between the Council and the European Parliament, and that is a positive result in itself. Europe certainly needs positive results right now! This is, of course, a compromise, the only compromise possible at the present time. We would have liked more, especially my country, whose legislation on the matter is very advanced and open; we would have liked a directive creating a genuinely level playing field with the passivity rule and the total neutralisation of defensive measures. We tried, but it was not possible because of the opposition of certain Member States which are now probably hiding behind so-called social amendments. The compromise to be put to the vote tomorrow reflects the state of European capitalism, which is still a mixture of small-scale and large-scale capitalism. However, it does provide proper protection of workers’ rights. Hence the opt-in/opt-out system as regards the level playing field. However, the undertaking is given to try again in a few years, with the useful sunset clause, when the time will be ripe because the financial markets will have favoured the companies which opt to be competitive. All we will have to do then is delete Article 11 A, make a few cosmetic adjustments, and we will have a new directive ready for the future. With this directive and the others which we are adopting in the framework of the Financial Services Action Plan, competitive companies, their governance and their balance sheets will be transparent. We have a great need of transparency, in view of recent cases such as the and cases. Companies will be encouraged to opt to be competitive by the fact that competitive companies will be able to refuse to be taken over by non-competitive companies. We have established the benchmark and we have protected it, which is better than a directive merely laying down transparency procedures such as that which exists in the United States. All in all, we can be proud of what we have achieved."@en1
lpv:unclassifiedMetadata	"Cirio"1 "Enron"1 "Parmalat"1

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