Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-061"
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"en.20070710.6.2-061"2
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"Mr President, I would like to commend the Committee on Economic and Monetary Affairs and in particular the rapporteur, Mrs van den Burg, for the initiative she has taken and the hard work put into this report.
However, we cannot take our eyes off the main goal, and that is the continuing convergence process between US GAAP and International Financial Reporting Standards. I trust we can rely on your continued support as this process continues.
In summary, I can only reiterate that, as far as financial services policy is concerned, even if one or two notes clash slightly, we are certainly singing from the same hymn book.
It is no easy task to tackle the very wide-ranging policy area of financial services in one report, as it ranges from banking to clearing and settlement, and hedge funds to payment systems. The report you have drawn up is an admirable achievement in that respect.
I would also like to say how pleased I am to see such an apparent convergence of views on so many aspects of financial services policy. Although we may approach subjects from a different angle sometimes, it is very encouraging to note how, in many respects, we are on the same page.
The European Parliament and the Commission are united in wanting Europe’s financial markets to go from strength to strength. We all want deep, liquid, dynamic financial markets that act as a real catalyst for investment and growth and ultimately bring benefits to all our citizens. We also want our regulatory and supervisory systems to be stable, fair and efficient and we all want to strengthen Europe’s place on the global financial stage. It is essential that we keep working towards these goals.
I warmly welcome the considerable attention given in the report to the issue of supervision. This is an absolute priority for the Commission in 2007. We are working intensively on our proposals to strengthen the Lamfalussy process due in the autumn this year and we agree with the concerns of the European Parliament on the issue of burden-sharing between home and host supervisors.
With regard to retail financial services, it is striking that many of the subjects touched upon in this report are included in the consultation on the Green Paper on retail financial services, which closes this week. I would argue, however, that we should not limit our ambition to finding solutions for the ‘mobile consumer’. We need our policies to make a difference to all consumers, even those who continue to shop locally. I welcome the support given in the report to initiatives on financial education, an issue on which the Commission is preparing a communication to be adopted towards the end of this year.
I acknowledge the concerns raised in the report with regard to alternative investments such as hedge funds and private equity. As I have stated on other occasions, I believe that we have the necessary regulatory safeguards in place already, but agree with you that constant vigilance will be essential. I also welcome some recent industry-led initiatives to develop voluntary standards or best practice on valuations, disclosure and risk management.
The concerns you express on market concentration in certain specific areas are understandable, although we have yet to receive indications of a problem of market distortion in the investment banking area. Work is already under way to mitigate some of the potential problems, for example through the International Organisation of Securities Commissions’ Code on Credit Rating Agencies, which we closely monitor. These initiatives must be given time to prove their effectiveness. Developing a knee-jerk reaction to a far from unsubstantiated problem would be much more damaging.
I welcome the European Parliament’s support for our regulatory dialogues with key international partners. On global accounting issues, steps are being taken, particularly through the establishment of working groups of the European Financial Reporting Advisory Group, to make European views and inputs more influential in the global accounting debate, something I can only applaud."@en1
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