Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-064"
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"en.20070710.6.2-064"2
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"Mr President, Commissioner, as you know, for my group, the market is not an end in itself, the market has to finance a strategy. The European Union has just renewed this strategy exceptionally on 9 March, around what I shall call the strategy of 20: in 2020, 20% of…, etc., I shall not go on. That is why we need to integrate a coherent financial market.
Much has been done, but there is still much more to be done. Among the things still to be done, there is of course the matter of retail markets. On that subject, we think that a very particular approach should be central to the Commission’s strategy. Of course, it will be necessary to encourage financial education, it has almost become a fashionable subject and you will have the support of my group when it comes to developing this kind of education. It is necessary also, however, as we pointed out when considering the Markets in Financial Instruments Directive (MiFID), to investigate the conditions in which financial products are proposed to investors, to consumers and small savers: it is the question of the conditions in which financial products are marketed that we must also take a close look at.
There remains the debate that has just begun, with much fuss under the German Presidency, in relation to alternative funds, hedge funds. The very fact that a code of conduct could have been thought of at international level shows how much this debate has changed. For all that, the actors in this market benefit from opportunities created by integration. That gives them certain responsibilities and duties. From this point of view, I think that my group does not share the point of balance that has been achieved. If we wish to guarantee the safety of the system, we must take the discussion further, including when it comes to looking at the conditions in which prime brokers are judge and judged in the matter.
Next there is the question of market structures. The legislation that we are adopting has an impact on market structures and we cannot ignore that. In defining our legislation segment by segment, we must have a clear idea of the financial market we want in order to better respond to the financing needs of the European economy. A financial market whose main beneficiaries are the big investment banks located outside the European Union
is that really what we are dreaming of? I do not think so. We must integrate a strategy that allows each actor to find its place in the overall balance.
Then, of course, the major subject that is before us is the matter of supervision. I entirely share our rapporteur’s views on this point. The power and legitimacy of Level 3 committees, the supervisors, must be strengthened; each national supervisor must have an obligation of European convergence. In this way, we shall ensure the safety of the system and we shall be able to use this integrated supervision as a better tool to put in place a European market."@en1
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