Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-074"
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"en.20070710.6.2-074"2
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"Madam President, financial services are a strategic source of efficiency and prosperity in a globalised economy. I would like to congratulate the rapporteur, Mrs van den Burg, on her report, which represents an in-depth reflection and a valuable contribution to the future of the financial services policy, establishing important guidelines for taking advantage of their potential.
Firstly, by increasing our strong points, following the approach of the March resolution of eliminating obstacles with a view to facilitating trans-European acquisitions and acquisitions of shares in banking, insurance and investment companies, so that our operators can take advantage of the internal market and prepare to compete with global driving forces.
Secondly, by reducing weaknesses. There is a clear example in ratings activities, where this weakness exists as a result of a regulatory vacuum and the absence of European operators. The report proposes suitable ways to deal with both issues.
Thirdly, by controlling risks, both those that affect general financial stability and the operative risks that result from distortions or incorrect operation of the market and unfair practices or insider dealing, or those that result from the excessive concentration of certain top-segment financial services activities amongst large companies, such as ratings agencies, the large audit firms and investment banks.
These are dealt with correctly too. On the one hand, through close monitoring on the part of competition authorities in order to prevent abuses and barriers to new entrants, and on the other, by calling upon the Commission, in line with its sectoral studies approach, to examine the situation in depth, and finally, to make progress on the integration of European financial supervision.
With regard to the architecture of financial supervision, although the current system is not perfect, it is working reasonably well and deserves to be treated in an evolving manner as the rapporteur proposes. Cooperation between supervisory authorities needs to be strengthened, and that will only be possible if we take a European view, that is to say, by moving towards a common European culture and by means of practices that enable national supervisory bodies not just to have similar practices, but also competences and mandates that make it possible to use new techniques and instruments."@en1
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