Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-062"
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"en.20070710.6.2-062"2
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"Mr President, Commissioner, ladies and gentlemen, I approve of the European Commission’s priorities regarding financial services policy until 2010. It is indeed necessary to consolidate the progress made towards an integrated European financial market that is open and competitive, and to eliminate the last economically significant obstacles so that capital can circulate freely in all of the European Union, at the lowest possible cost and with an appropriate level of prudential supervision, so as to ensure financial stability.
It is also essential to improve cooperation and convergence with regard to supervision in the European Union and to deepen relations with other global financial marketplaces. It seems to me vital to continue the consolidation of the financial services sector, and, more particularly, the integration of retail markets. The more financial markets, which play an important role in the good functioning of modern economies, are integrated, the more effective the distribution of economic resources will be, and the better the economic results will be in the long term.
With regard to retail, it is necessary to go further in order to progress integration. We need to consider particularly the issue of harmonisation of national rules for the protection of consumers. Efforts must be followed up. The European Union’s financial services sector conceals a considerable potential for economic growth and employment that has not yet been fully exploited. The internal market for retail services is far from being complete; a more effective risk capital market is essential to promote new and innovative businesses and to strengthen economic growth.
With regard to this, I should like to highlight the importance of promoting the competitiveness of European banks in relation to their competitors, particularly the American banks. It is important, finally, to ensure that Community structures are set up in respect of regulation and supervision. The fragmentation of prudential supervision constitutes one of the major obstacles to consolidation of the financial sector. That is why the requirements of cooperation and exchange of information between the supervisory authorities must be strengthened. We should also ensure the security of cooperation in a crisis situation."@en1
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