Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-075"
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"en.20060703.14.1-075"2
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"Mr President, I need hardly say that I very much welcome the report on further consolidation measures in the financial-services industry, which was adopted by a large majority in the Committee on Economic and Monetary Affairs, and I should also like to convey my sincere thanks to the rapporteur for our constructive cooperation.
The consolidation of the banking sector among most of the EU Member States is not so far advanced as it is within some individual countries. In accordance with the Lisbon Strategy, the financial-services industry has to take the lead here, and it is aware of this and is willing to play its part.
How is the European banking sector structured? Where do its strengths lie, and why has little consolidation taken place in Europe? I welcome the initial studies of these matters conducted by the Commission. Regardless of whether we are considering the financial-services industry, education systems, the linguistic landscape or regional differences, Europe’s strength has always lain in its diversity.
In the realm of financial services, this has three main implications: firstly, a financial-services sector that is working for European business will necessarily comprise diverse operators, namely those whose size enables them to face up to international challenges and those that are mostly concerned with regional markets. Small and medium-sized enterprises are active in these selfsame regional markets, where they account for the bulk of Europe’s economic potential. This diversity must be preserved within the European Union, and I am pleased that we have addressed this point clearly in our report through the amendment tabled by Mrs Berès and others.
Secondly, what does a pluralist banking structure mean in the European Union? It means nothing more than institutions in France, Spain, Hungary and so on being able to follow different business models with different commercial aims. Which model or aim succeeds is left to market forces. Perhaps this is just another of those areas where Member States can adopt diverse approaches rather than seeking the ideal way.
Thirdly, European consumers differ in their cultures and lifestyles and will therefore demand different financial services too. Only a variety of products can guarantee effective and efficient financial services in Europe that are tailored to the needs of consumers and the economy.
The hearing in the Committee on Economic and Monetary Affairs is also mentioned in this report. The report backs the European financial-services industry in its efforts to remove the real obstacles to cross-border consolidation. There has also been positive feedback from the European Central Bank."@en1
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