Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-06-14-Speech-3-399"
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"en.20060614.23.3-399"2
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".
Mr President, first of all, I would like to express my warm thanks to all those who took part in the preparation of this resolution and documents, especially the amendments, creating legal premises for the emergence of a united investment services market. For me, as the representative of a small and new European Union Member State, the kind cooperation of competent and more experienced colleagues is the best proof that we can work together in an enlarged Europe and implement important reforms together. I believe that I really must stress this.
Another thing I would like to mention is that we have to look to the future, as the rapid and ambitious development of financial markets brings new tasks every day. I am sorry that Mr McCreevy is not participating in our debates today, and that neither he nor the European Commission have played much part in the current reorganisation period of Europe's financial market.
Therefore, based on experience I have gained myself, I would like to point out the things we ought to emphasise when discussing the global challenges of the world's financial market. I feel that our strategic goal ought to be the aim to follow the development route of our own distinctive European financial market regulation model. We need to stress this more and more as we seem lost amid aggressively expanding markets. We have our own particular European financial market traditions and must foster these and mention them more often. I agree with the opinion of the Commission Member that Europe now has great opportunities to become a leader in the field of financial market regulation, considering the very thorough regulation practice of the United States of America and the problems faced by states with new developing economies in the field of regulation.
What should the elements of that distinctive European model be?
First of all, we must state clearly that we will use principles-based regulation, and not strive for detailed rules-based regulation, as the former is far more flexible and means it is possible to react to changes in the global market more rapidly. While preparing the MiFID documents, it was said that a more detailed regulation would guarantee a united approach in implementing the anticipated measures in all European Union states, but it is possible to achieve the same by better coordinating the work of supervisory institutions.
The second element of the model ought to be provisions encouraging the convergence of the interpretations and requirements of supervisory institutions. No rules will help avoid, let us say, the different financial cultures which exist in southern Europe, Great Britain and northern Europe. Thus, we must rely on
and the experience of the northern market as we coordinate a united interpretation of legal norms. I take a sceptical view of the proposals by the European Central Bank to create harmonised standards or proposals to provide more legal documents in order to establish the market. We have sufficient documents; we simply ought to devote more attention to their convergence. Clearly, in future, the financial market will possibly need its own united supervisory institution, but this is a prospect for the future and not very practical at the moment.
The third thing I would like to mention is that financial market efficiency must be assessed by taking into account the views of the end consumer, which would mean the separation of services, the disclosure of the internal expenditure of huge financial conglomerates and the management and exposure of conflicts of interest."@en1
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