Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-086"
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"en.20060703.14.1-086"2
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".
Mr President, a range of issues has been brought up this evening. I believe I have covered most of them in my introductory remarks, but let me stress a few points.
A lot of effort has gone into creating a harmonised legal framework for the EU’s financial markets. Indeed, a lot of work is still being done on that. The framework is aimed at creating a level playing field, promoting deeper and more liquid markets and ensuring that consumers’ and investors’ interests are safeguarded. Within that framework, we should allow the market to play its role. Regulators should steer away from intervening in decisions taken by market players. The fact that European companies are coveted by operators from other countries is a sign of the confidence they have in us and in our regulatory model. What we need are strong financial institutions that can stand their own in the global economy. We need state-of-the-art exchanges, and competition policy ensures that undue concentration and abuses of dominant positions are avoided. But beyond that, I believe that we should allow the market to play its role.
Mrs van den Burg raised a number of questions. She said that in her opinion it was not just a decision for the shareholders – referring to stock exchanges. Well, I believe it is. I do not agree with her. I agree with her that users of exchanges have an interest, but I have not noted any degree of consensus between them as to what they consider to be the best and most desirable combination of exchanges.
She also raised the question of the consequences of the possible mergers. It is too early to tell, but I made it clear that consolidation of exchanges should not lead to what I call ‘regulatory spill-over’. That issue has been referred to by other speakers too, such as Mr Klinz and others.
As I said in my opening remarks, in reply to Mrs Berès’ question on behalf of the committee, there are two separate issues. It is a matter, in my view, for the stakeholders and shareholders to decide what they want to do with their stock exchanges. That is a matter entirely for them. The market should decide that.
On the other hand, the question of our regulation is of great interest to us. We want to ensure that European regulators regulate European exchanges, and as I understand it, the proposal put to the New York Stock Exchange and Euronext will ensure a system where that will be allowed. I agree that it will be important to ensure that this remains the situation into the future – not just this year or next year, but four or five years hence – and that whatever procedures are put in place, they have to be followed through. As I said in m opening remarks, yes, we are taking an interest in that and will be involved in it.
Mrs van den Burg asked if I had read Mr Seifert’s book. I have not, but I have read various comments about it. I met Mr Seifert early on in my time as European Commissioner, just after he launched the tentative takeover by Frankfurt of the London Stock Exchange. I have read what he said in his book. Whereas the book is interesting, it is just one perspective on the subject.
I should like to say to Members of this House and others outside, who always seem to be concerned about outside influences contaminating the European experience, that I believe that some of the proposals on the table at present suggest to me that market players worldwide seem to want to be involved in the European experience and see it somewhat in the other way. Evidence seems to suggest that a lot of business is now done in Europe that used to be done on the other side of the Atlantic. There is a reason for that. Some people want to get involved in the European way. We should not always be so defensive.
Mr Hökmark and others referred to the regulatory matter. I would agree with what they say. We should let European rules and regulations apply to European companies. That is what our interest is going to be. The question of whether there should be takeovers or mergers of stock exchanges in different parts of the world is entirely a matter for the market players and one about which I am entirely agnostic."@en1
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