Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-083"
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"en.20060703.14.1-083"2
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"Commissioner, I am very sorry that today, you did not understand why we raised this question and invited you to this Chamber. It certainly was not because we wanted more market rules, but because we lack political leadership backed up by the European Union's strategic guidelines for financial market development. We all know very well that the European Union has fine traditions of principles-based financial regulation. These principles must be proclaimed. We miss the declaration of these principles, and because of this feel confused in the market which leads to various rumours, various opinions. Hopefully, now that we have an excellent European model, which developing markets also follow readily, we will be able to protect it; however, at the moment, it seems that the Commission's, forgive me, hesitation is allowing that model to be washed away. Take, for example, those prospectus directive amendments which are now being debated. It seems that we are waiting for some sort of intermediate result – a transatlantic average, which will not mean anything good for either Europe or the USA. In truth, we ought to say honestly that we have different views and perhaps then we can try to respect and recognise each other's position. Talking of clearing and settlement market regulation, we must recognise that this is a complex matter which perhaps needs to be solved gradually. We should also have our own European view and not align ourselves with decisions made by large conglomerates. Because doing nothing is not a liberal position. When the regulator does nothing, then the law of the jungle takes root in the market and the market is ruined, and most importantly innovations are ruined, which we really do not want."@en1
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