Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-063"
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"en.20070710.6.2-063"2
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".
Mr President, Commissioner, rapporteur, yes, we must continue to strengthen the financial market. The financial services action plan until 2004 contributed to the development of an integrated and smoothly functioning European capital market which has become a world leader, not least because of the strength and soundness with which it is regulated. We are not finished by a long chalk, though, as the present report shows. The rapporteur originally envisaged 43 items. There were 217 amendments to these. Together with the shadow rapporteurs – I would like to excuse Mr Hoppenstedt – 35 compromises were drawn up, and there were 141 Committee votes.
On this issue we are all headed in the same direction, because we need a stronger internal financial market. CEPS, CESR, CEIOPS and lead supervisor are all terms expressing the quest for an ideal structure for European financial markets supervision. The latest crisis simulation to check financial stability in the European Union has shown clearly that we have still been found wanting.
Better coordination between the competent supervisory bodies is needed to guarantee appropriate management and thus financial stability in times of crisis. A similar simulation is planned for 2009. What all the variants in the EU have in common is that the main focus of supervision continues to lie with individual institutions rather than with the institutional group. What we need, therefore, are supervisory structures which will continue to develop. We need stronger coordination between the national supervisory authorities. We do not need centralised supervision, but we need to promote the dominant supervisory culture which is marked by identical aims and values."@en1
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