Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-03-28-Speech-3-084"
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"en.20070328.13.3-084"2
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".
I would like to say that perhaps most countries have a saying about starting preparations for winter during the summer. As we discuss this issue, we would like to remind the European Commission and Council of that old truism. Because up to now we were always told that working groups would be formed and this question would be discussed. Without a doubt, consolidation has its positive aspects; however, with it comes an increased systematic risk in the market. Financial groups operate in all European Union countries and quite often dependence on their activity and the influence of their activity is quite high. When we talk about reforming supervisory processes, we must first ask ourselves something that I usually ask the heads of European supervisory bodies: if a subsidiary firm is operating in a certain country, and because of its unsatisfactory operation, that country's economy is starting to suffer, who will pay? Who will be responsible? Which country's legislation will apply? Another question. If a crisis situation develops in the subsidiary firm, how will it be managed? At the national level or the financial group's level? Unfortunately, as yet we have no answer to these simple questions. I am quite pleased with the information that Council and Commission representatives supplied for us in relation to what is being done; however, once again I would like to stress that as new risky products find their way onto the market, we must speed up all processes and get together to resolve the basic issues, and not to get lost in details, because talking about various types of coordination and suchlike is all very well, until a crisis develops. The reference point for our decisions about reforming supervisory processes has to be what we would do in a crisis situation."@en1
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