Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-129"
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"en.20050427.12.3-129"2
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".
Madam President, it is already clear the coming five years will be extremely challenging in this particular area. The smooth functioning of financial markets is essential and has a huge influence on the prosperity of each and every one of us. Financial investments underpin jobs and growth; the value of our savings; our pensions; the cost of our mortgages. Deep, liquid, dynamic European financial markets will ensure the most efficient allocation and provision of capital and services throughout the European economy, and beyond, in the global capital market.
In the last six years we have seen major progress. Most of the necessary rules outlined in the Financial Services Action Plan have been agreed on time and are now being put in place. European decision-making and regulatory structures have become more rational and efficient. Continued systematic cooperation has developed between the European institutions and market participants. All institutions and a very large majority of the market participants agree we need to continue our efforts, because our job to integrate the European financial markets is far from finished.
Our key priority for the next 12 months is to complete unfinished business in the area of financial services. We still need to deal with the remaining elements in the negotiation phase before this House and the Council, as well as the key measures now under preparation by the Commission. For example, we still need to allow more risk-sensitivity in the capital requirements for banks and investment firms (Basel II); strengthen statutory audit (the eighth Company Law Directive); fight money laundering and terrorist finance; cut down the costs for clearing and settlement; establish a European framework for reinsurance; modernise rules on insurance solvency; and create a European legal framework for payments.
In other words, the regulatory measures currently under preparation are already extremely demanding for all of us. However, I am confident we can achieve a lot in the coming year.
In the area of financial services, the Commission commends the good work done in the Committee on Economic and Monetary Affairs over the last years, and, more particularly, the report we are discussing today. There is a considerable degree of convergence between our own thinking and the thinking in the European Parliament. Many of the main themes included in the report presented today by Mrs Van den Burg on behalf of the Economic and Monetary Affairs Committee will also be reflected in the Commission’s Green Paper on its future financial services policy. We address similar priorities. In a way there is no surprise there, as we have both been very transparent in our approach and preparatory work. I do not wish to dwell on all the recommendations set out in the report, but let me highlight some which I believe are particularly important.
Firstly, there is a clear need to coordinate transposition by the Member States, strengthen enforcement and increase supervisory convergence. I broadly endorse the views expressed in the report. Particularly, I think paragraph 14 gives the right nuance as some form of integrated supervision will only be beneficial if regulation is no longer fragmented. Convergence will not occur if an integrated supervisor still needs to interpret and apply 25 different sets of regulations. Therefore, the Commission endorses a step-by-step approach, building on the European regulatory and supervisory committees in the area of financial services.
Secondly, the better regulation agenda is important. The Commission agrees that future measures must be targeted and evidence based; impact assessments will be thoroughly applied. Basic pan-European framework rules are needed so that businesses can develop European strategies and consumers can benefit from enhanced integration without artificial barriers. However, overlapping, contradictory and duplicative requirements create a burden and must therefore be withdrawn.
Thirdly, effective consultation is key. We all have listened very carefully to all different stakeholders: industry, large and small; regulators; supervisors; investors; workers and consumers. We have taken their constructive ideas on board and we have listened to each other. There is broad support for our common approach; a degree of consensus which is so crucial at the start of a new phase.
I personally hope this convergence of thinking, the good contacts established and the open way of policy-making will guarantee a swift launch for our policy programme of ‘consolidation’ for the next five years. Effective delivery of our common programme must be
mandate of the European Commission and the European Parliament. This week’s adoption of Mrs Van den Burg’s report will therefore be an important step forward."@en1
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