Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-02-21-Speech-1-086"
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"en.20050221.13.1-086"2
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".
Madam President, the key challenge facing the European Union at this time is an economic one. The European Parliament, the European Commission and the EU governments are going to have to work together closely if the objectives of the Lisbon strategy are to be met. This will not be an easy task – we must not underestimate the challenges that lie ahead of us.
One of the issues that must be looked at most carefully relates to the regulatory framework in Europe – we need less regulation in Europe, not more. This was outlined very clearly in a report in today's
on a study by the Centre for the Study of Financial Innovation, which stated clearly that most people involved in banking and financial services believe that we have far too much regulation and that we need to tackle it so that business can become more competitive.
The key priorities for the European Union at this time include: the completion of the Financial Services Action Plan so as to guarantee a greater level of competition amongst the financial institutions operating within the 25 Member States of the EU, which includes ensuring that retail banking services are available to all EU citizens in the 25 Member States; facilitating the merging of European banks and the updating of asset management legislation so as to guarantee that fund managers can operate asset funds on a cross-border basis; the introduction of new legislation to reduce the costs of clearing and settling trading security transactions; and the introduction of greater competition in the insurance sector.
The European Union must promote a greater level of dialogue with America to streamline the rules governing the operating of the accountancy industry. The European Union operates under a system known as IAS, which is the International Accountancy Standards system. Meanwhile, the American business community operates under the GAAP accountancy structure. This year, 8 000 companies will be listed on European stock exchanges, operating under the IAS system. It is simply wrong that America and Europe operate under two different accountancy models. A greater level of dialogue will have to take place to hammer out these issues.
The European Union must implement the new Services Directive. It must guarantee that the benefits of all technologies are available to communities in Europe, both urban and rural.
Mr Barroso, your recent statements on the Lisbon strategy and the economic way forward for Europe have been very positive, and I wish you well. I hope that you are successful – Europe needs you to be successful."@en1
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