Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-112"

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". Mr President, Commissioner, first of all, let me thank Mr Doorn for the excellent work he has done with the assistance of many committees. I see this report as representing a good compromise on this difficult issue. It is evident not least from the number of Members present in the House that this is a highly technical piece of legislation, but I believe it is one that will do a great deal for Europe’s competitiveness, both internal and external. This is a sensitive area, and one that calls for watertight legislation. There must, of course, be compromises; one that Mr Doorn mentioned has to do with rotation. It is, in essence, right that external rotation should go; the Member States have an alternative to it. Some of them can retain the external rotation that they had before. My basic instinct is to say that the Member States should not be allowed to require external rotation, as I do not believe that it encourages competition. As my speaking time is limited, I would like to concentrate on Commissioner McCreevy’s proposal for a study into the likely effects of limited liability on the auditing firms’ internal market. The introduction of limited liability would give Europe a definite advantage as a business location, and so I am glad that Commissioner McCreevy has agreed to this study, which needs to be completed soon, that is to say, by the end of 2006. A whole array of solutions is available to those Member States that specify a limit on liability; there is, for example, proportional liability, upper limits or a combination of the two. What this House wants from the Commission is for the Member States to be able to take their own decisions on liability, and for us in Europe to end up with rules that are harmonious rather than harmonised. So, as Mr Doorn has said everything that needs to be said about comitology and I agree with him, I will thank you for your attention and express the hope that the directive gets through."@en1

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