Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-047"
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"en.20040329.6.1-047"2
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"Madam President, I think that everyone here is relieved to see these two directives finally adopted after so much work. Over and above the collective relief that we feel, however, some of my fellow Members and I would like to continue to ask questions about the Investment Services Directive. This is a system, the impact of which few of us have assessed.
We are legislating for tomorrow, with the aim of avoiding financial difficulties and imbalances, and in the hope that the system that we implement will provide the best means of ensuring the financing of our economies as a whole, and not just of the financial sphere.
I ask myself the question: do we finally have a compromise that will allow for the solid and transparent harmonisation of our financial markets? Have we really given ourselves the means to avoid the shocks and scandals that we hope to avoid on the European stock markets in order to allow our economy to safeguard everyone’s interests? We are opening up the monopoly of the regulated markets and we can hope that this new competition will provide access to cheaper products and will lead to more liquid markets and, therefore, to the best use being made of resources.
The original compromise, the only one to work – which consisted of opening everything to the market whilst guaranteeing the smooth functioning of the market through greater transparency – was not fully observed and that was the aim of the discussion has taken place to date.
We have known for a long time that the markets need the best possible financial information in order to function, so that there is optimum price formation and so that actors have access to the same indicators, if we want decisions to be rational. From this point of view, I regret the fact that our Parliament has not been able, in conjunction with the Council, of going further in defining the size of the market and that we allowed, on this issue too, a key point in negotiation and which provided balance in the text to be left to our experts and for the next stage of the regulatory process."@en1
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