Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-073"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2007-07-10"^^xsd:date2
dcterms:Is Part Of	lp_eu:Financial services policy (2005-2010) – White Paper (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20070710.6.2-073"2
lpv:hasSubsequent	lp_eu:2007-07-10-Speech-2-0742
lpv:speaker	lp:Alexander Radwan2
lpv:spokenAs	substitute; Delegation to the Euro-Mediterranean Parliamentary Assembly (2004-09-16--2008-12-02)3,3 substitute; SEDE (2007-01-31--2008-12-02)3,3 unknown; Christlich-Soziale Union in Bayern e.V. (2004-07-20--2008-12-02)3,3 vice-chair; Delegation for relations with the Mashreq countries (2007-03-14--2008-12-02)3,3 member; ECON (2007-01-31--2008-12-02)3,3 member_of_the_bureau; EPP-ED (2004-08-31--2008-12-02)3,3 substitute; AFCO (2007-03-06--2008-12-02)3,3 substitute; Delegation for relations with the People's Republic of China (2007-03-14--2008-12-02)3,3
lpv:translated text	"Madam President, Commissioner, I would like to start by expressing my heartfelt thanks to the rapporteur for her work, with which she has succeeded in uniting a broad political spectrum in the European Parliament. The single market for financial services in the EU has been a success story. The recommendations of the Commission, their implementation by Parliament and the Council and in Member States will result in the European financial market gradually becoming more attractive than the US financial market. This is further illustrated by the fact that European stock markets are being bought up by Americans so that they can secure their influence on them. This has led to new developments, and begs the question of how we should approach the new events on the market. A main point is the future of controls in Europe. The development of trans-border banks is a case in point. I will mention only UniCredito, the Bavarian-based HypoVereinsbank, and Bank Austria. We also discussed ABN Amro and the Bank Santander that was bought up in Britain. We have to ensure that the supervisory authorities keep an eye on these events, so that we do not have a single supervisor for each Member State, but that there is Europe-wide cooperation. That is not a request for a European supervisor, but we must bring European development further to the centre of attention. Basle II and the lead supervisor were the first step in this direction. I wholeheartedly support the Commission to take a courageous approach in Solvency II. I hope that the national supervisors and national finance ministries will become more cooperative in this respect, and show more support for the amendments than they have shown so far. We also need to give some thought to how we will shape the transatlantic relationship in the future. The way things stand, the SEC – the American supervisory authority – always has an indirect effect on regulating the European market. This should not be happening. We need a European response to the SEC which seeks to prevent this from happening. I cite the example of an Austrian bank which had to get rid of its clients because it was being bought up by an American fund, and the clients were Cuban. Commissioner, the Commission regularly deals with regional banks. Quite rightly, too. Mrs Bowles, I do not want to anticipate the result of the discussion, but we need to discuss hedge funds in an open debate. What we cannot say is let us avoid the issue because we are afraid of the result."@en1

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