Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-099"
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"en.20050926.14.1-099"2
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"Mr President, the Capital Requirements Directive updates a recurrent conflict of aims in EU cooperation, a conflict of aims that we all have reason, as a matter of principle, to analyse and debate before we adopt a position.
On the one hand, there are often good reasons for introducing common rules at EU level if the internal market is to operate efficiently. Differing rules between one Member State and another in crucial areas entail high costs and, thus, less prosperity. That also applies to the financial market.
On the other hand, there are strong reasons for not forcing the Member States to adopt common rules that then become part of our
and thus prevent individual countries from taking the lead and developing systems of rules. A large part of our economies’ dynamic is based upon the institutional competition we have between countries when it comes to developing efficient and growth-promoting institutions. Often, expressions such as best practice and benchmarking are used, reflecting knowledge of this important process.
Unfortunately, this Chamber devotes little or no attention to institutional competition. Where Basel II is concerned, we are, however, talking about an extremely global market involving an extremely well-informed group of actors who can take action at a moment’s notice. In this market, there is little scope for special positions at EU level. When it comes to Basel II, individual countries should operate independently within the framework of this cooperation between central banks. There is really no reason for mixing the EU and this Parliament up in that process. We are not designed for that purpose.
Allow me finally to agree with other speakers about how unfortunate it is that Parliament is trying to use this report as part of the constant institutional power struggle between the EU’s institutions. The June List does not wish to help strengthen this Parliament’s power."@en1
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