Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-142"
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"en.20050427.12.3-142"2
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"Mr President, Commissioner, ladies and gentlemen, let me start by saying that we believe that both the services directive and the internal market in finance are safe in the Commissioner’s hands, thanks to the good cooperation between the Commission and this House.
Let me say, secondly, that the action plan for financial services in the period up to 2005 is a success; with 39 out of 42 measures already having been adopted, it is a success on the road that leads to the internal financial market, and it is successful as a result of the work Parliament has done. Necessary although these measures are, there are too many people who regard the great number of new and necessary regulations as excessive. They are wrong to do so, for the package of measures needs to be implemented in a very short space of time, and the internal market is not yet complete.
So let us consolidate instead of over-regulating, and implement instead of making excessive demands. When, moreover, we assess the way we implement these regulations, we have to ask ourselves three questions. What added value has the European Action Plan provided for the European Union? What problems have become apparent? What action do we need to take? The answers to the last question are obvious: as yet, not all the Member States of the European Union have the euro as their common currency; that weakens the internal market. Fiscal policy is dealt with at the national level and requires unanimity; that weakens the internal market. Cross-border payment transfers are not yet fully developed. Basel 2 is not yet in force, and ‘Clearing and Settlement’ is waiting to come in. Our problem is supervising the national supervisory authorities and getting them to cooperate with us.
Although we are in favour of Lamfalussy, it must not be allowed to result in a loss of democratic control, of democratic legitimacy and of clarity in the reaching of decisions and the formation of opinion. The time for action to be taken is dependent on when we will have completed implementation and know precisely what steps we next have to take together."@en1
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