Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-082"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2006-07-03"^^xsd:date2
dcterms:Is Part Of	lp_eu:Consolidation in financial services Mergers and acquisitions (M[amp]A) developments around Europe's stock exchanges (debate)2
dcterms:Language	"hu"^^xsd:language2
lpv:document identification number	"en.20060703.14.1-082"2
lpv:hasSubsequent	lp_eu:2006-07-03-Speech-1-0832
lpv:speaker	lp:Zsolt László Becsey2
lpv:spokenAs	member; Delegation for relations with the countries of south-east Europe (2004-09-15--2007-03-13)3 substitute; SEDE (2004-10-12--2007-01-14)3 substitute; Delegation to the EU-Croatia Joint Parliamentary Committee (2004-09-15--2009-07-13)3 unknown; Fidesz-Magyar Polgári Szövetség (2004-07-20--2009-07-13)3 member; ECON (2004-07-21--2007-01-14)3 substitute; TRAN (2004-07-22--2007-01-14)3 member; EPP-ED (2004-07-20--2009-07-13)3
lpv:translated text	"I would like to congratulate Mr Muscat and all those who took part in the preparation of the report, which required a considerable amount of thorough work, and produced a balanced document. I believe that there are two factors that have a significant influence on the consolidation of financial processes. One of them is, with reference to the Lisbon process, the building of the internal market and the increase in competitiveness. The other, with reference to enlargement and alongside the advantages of expanding the market, is the implementation of cohesion, as well as equality and unity between Member States. Unfortunately, in respect of the latter, the balance has been upset. This is due to the fact that while in financial processes the sensitivity of new Member States is pushed to the background with the declaration of increased opening-up, the determinant factor in the case of labour-intensive services is the sensitivity of old Member States, rather than internal liberalisation. This overturns the balance in the services sector. Incidentally, this is why I cannot accept the consideration of social or environmental protection aspects in the consolidation of financial services or of the financial sector. Additionally, I believe that it is important that we move forward with some regard for solidarity. We should not allow the development of a situation where market supervisory authorities in recipient states – and new Member States are basically recipient states – are defenceless against the dominant market supervisory authorities of old Member States. We can only move forward in the area of liberalisation if we impose strict requirements for cooperation, and, in particular, for transparency. At the same time, I agree that in order to facilitate concentration, we must help change the tax systems, and in particular the VAT regime. I would also like to stress that the over-concentration resulting from mergers and acquisitions should be analysed both from the perspective of the emerging internal market and for the sake of the cohesion of Member States trying to catch up. This is required because in some situations it may happen that there is no over-concentration at Community level, but it is present at Member State level, which is damaging to competition in that Member State. Therefore, competition policy impact assessments must pay particular attention to this, as signalled by recent examples. Accurate procedures will be able to resolve this difficult situation, and will also be able to ensure that oligopolistic conditions are truly excluded, without allowing them to be replaced by unilateral protectionism."@en1

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