Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-102"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2005-09-26"^^xsd:date2
dcterms:Is Part Of	lp_eu:1. Taking up and pursuit of the business of credit institutions, 2. Capital adequacy of investment firms and credit institutions2
dcterms:Language	"sv"^^xsd:language2
lpv:document identification number	"en.20050926.14.1-102"2
lpv:hasSubsequent	lp_eu:2005-09-26-Speech-1-1032
lpv:speaker	lp:Gunnar Hökmark2
lpv:spokenAs	member_of_the_bureau; EPP-ED (2004-08-31--2007-02-14)3 member; Delegation to the EU-Turkey Joint Parliamentary Committee (2004-09-15--2009-07-13)3 substitute; ITRE (2004-07-22--2007-01-14)3 substitute; Delegation for relations with Israel (2004-09-15--2007-03-13)3 unknown; Moderata Samlingspartiet (2004-07-20--2009-07-13)3 member; ECON (2004-07-21--2007-01-14)3
lpv:translated text	"Mr President, I wish firstly to thank Mr Radwan and also congratulate him on the major, complicated and important piece of work he has done. If there is any area in which we see the importance of European cooperation, it is in this area in which we are creating a large financial market. To my Swedish fellow Member who spoke previously, I should like to say that, if we did not have European cooperation, we should not have the opportunity to exercise democratic and parliamentary control over the regulations designed here. We now have stability, efficiency and predictability in the common financial markets. The directive will also entail more flexible risk assessment which – and this is important to remember – is basically good for European consumers and businesses. What is important, as has been mentioned previously in this Chamber, is that it also entails identical ground rules in the global market and in relation to the American market. It is also important, however, that it means identical ground rules in another sense, whereby we shall see new, developing financial institutions in the dynamic financial markets. In the same way as we have seen a convergence between banks and insurance companies in recent decades, we shall see new products and new structures. It is important, then, that this directive should not in practice hamper dynamic development in the market but enable new forms of business to develop and compete on equal conditions. It will be an important task for the Commission, as for the debate here in Parliament, to follow up developments in precisely this sense. I am grateful that we have been able to obtain transitional rules that give the national authorities the opportunity to affirm this development but, once the directive is properly in place and its rules applicable, it will be one of Parliament’s and the Commission’s tasks to ensure that there is an openness to change that positively accepts the variability of the financial markets. Otherwise, we shall become less competitive in Europe. That is why this is an important task."@en1

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