Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-06-14-Speech-3-398"
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"en.20060614.23.3-398"2
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".
Mr President, Commissioner, you can tell Mr McCreevy that, here in the European Parliament this evening, we have followed the entire Lamfalussy procedure for the first time. The European Parliament has contributed to that effort in a way which, I believe, will be commended by everyone for its quality and professionalism, and it has also defended, at Level 2, the balance between the achievement of open markets and the transparency principle we defined for Level 1.
What we have done here in the European Parliament has focused primarily on the parliamentary contribution to the proper functioning of what is known as the Lamfalussy procedure and on our reasons for hoping that the agreement on the exercise of the implementing powers assigned to the Commission will guarantee the rights of Parliament. We also welcome the Commission’s acceptance of a number of our proposals designed to improve the balance in the areas of transparency and consumer rights.
Lastly, allow me also to draw your attention to the content of our resolution regarding the role, powers and intervention rights as a market regulator of the Committee of European Securities Regulators, which coordinates the activities of national regulators. The Member States must accept their responsibilities and give this body the resources that will enable it to ensure the proper implementation of this Directive, on which the efficient financing of our economy depends.
Commissioner, when we began this whole adventure, some members of the Committee on Economic and Monetary Affairs argued that, besides the market itself, we should concern ourselves with what happened further down the chain, with what are known as post-trading activities, namely clearing and settlement. As you yourself observed, these post-trading activities are too costly today. For this reason, although I am not one to glorify market forces, I believe that what is applied elsewhere should be applied here, namely decoupling, which ought to be a good way to reduce costs. I hope that the Commissioner will not intervene too belatedly or too timidly in this domain, as he has indicated to some market operators."@en1
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