Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-11-14-Speech-2-073"
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"en.20061114.8.2-073"2
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".
Mr President, ladies and gentlemen, the mortgage credit market continues to be divided up along national lines. Why is this so? Is it because of difficulties with language, because of the different financial cultures, the legal framework, or is it because people have confidences in lenders with which they are familiar and which are on their doorstep? What the Commission is proposing to do is to examine the possibility of harmonising the legal framework in order to increase the volume of cross-border lending and borrowing.
Such an inquiry is to be welcomed. Even more to be welcomed is the statement in the Green Paper to the effect that extensive studies are still regarded as necessary before proposals for regulations can be made, and the Green Paper’s own emphasis on the difficulty of the matter in hand.
Legal differences in the Member States are not to be found in one area alone, although they certainly are present in mortgage law, but – as both Commissioner McCreevy and Mr Medina Ortega have just pointed out – they affect many aspects of the law, among them land registration, the practices of notaries, the law in relation to forced sales, the law of contract and the protection of consumers, all of which areas of the law are interconnected. In some of them, the European Union has no power to enact regulations, and harmonisation from the centre in one area could have seriously detrimental effects at the national level, doing, in fact, more harm than good.
What is unreservedly to be welcomed, though, is further promotion of the refinancing markets, and so I want to say an unreserved ‘yes’ to this being investigated and analysed and to the efforts at achieving integration, albeit primarily through convergence. While I do not want to exclude the possibility of Europe-wide regulation, we do take a rather sceptical view of European legislation as a consequence of its capacity for destroying functioning markets. Extensive studies are, in any case, still needed. We also, perhaps, need to face up to the fact that this is where we reach the outer limit of what can be standardised in Europe through legislation at the European level. I do not think this House’s role as legislator is without its problematic aspects, since it, when the Commission itself says that more extensive investigations are needed, must, to some degree, stay its hand and should not be precipitate in calling for legislative initiatives – and, indeed, has not done that. I endorse the essence of the report."@en1
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