Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-07-06-Speech-3-462"
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"en.20050706.34.3-462"2
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"Mr President, I would like, in turn, to salute and emphasise the excellent quality of Mrs Kauppi’s work. This is a divisive subject, but we have succeeded in setting aside our national interests in order to reach, in my view, a sound and constructive compromise that will enable us to remove the existing barriers to cross-border clearing and settlement transactions. This compromise is based on the idea of not pre-empting the results of the impact assessment currently being conducted by the European Commission. Nevertheless, we felt it was important to remind the Commission of the principles that should guide the consolidation of this sector, which is so essential to a robust and smoothly functioning European banking system and thus to the financing of our economy.
First of all, free competition. The system must guarantee undistorted competition between the various operators, whatever their size or activities. I am pleased that the text does not rule out the separation of activities, when that same separation is advocated in all other industrial sectors as a means of avoiding cross-subsidisation and the dumping that ensues. In addition, I hope that the Commission will be able to conduct a proper
examination of dominant positions in the market, including in cases where turnover is below the required threshold, but where the impact of such mergers on our economies would certainly justify such an examination.
Next, transparency: even though our compromise does not, at this stage, allow me to recommend the separation of the various different post-market activities, it is vital to reaffirm that transparent pricing structures are an essential guarantee for those in this sector who might benefit from fair and undistorted competition.
Next, security, since the major challenge here is of course to ensure that the European financial system is secure and can guard against both systematic and operational risks, and also against the criminal activities of certain parties.
We therefore refuse, at this stage, to rule out any instrument, directive or free organisation of the market, or any model, with or without separation of activities, that could be used to consolidate post-market activities.
Nevertheless, I think it is likely that a legislative text will be necessary in order to remove legal and fiscal barriers, if appropriate to adapt the European rules on competition to these activities and, finally, to provide the transparency and accounting separation necessary to the existence of fair competition.
I will conclude by saying that it is time to make progress in this field, because European consolidation is underway, without supervision. Having successfully harmonised the markets, we urgently need to harmonise the post-market sector if we want to benefit from all our work in the context of the financial services action plan."@en1
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