Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-11-13-Speech-2-028"
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"en.20071113.4.2-028"2
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"Mr President, I would like to address the Commission’s agenda, particularly in the economic sector, not only because this is the area where the Committee on Economic and Monetary Affairs’ interest mostly lies, but it is also of vital importance to the Lisbon Strategy.
The Commission must keep its active role in building a genuine single market for financial services. It is topical for a good reason. Firstly, the recent financial turmoil has underlined the importance of sound financial regulation. Secondly, the financial world is more and more intertwined. We must be able to build convergence with our main allies overseas. Transatlantic Market initiatives started a very important process which is especially critical to the capital markets.
A few years ago a groundbreaking legislative process in the form of the Lamfalussy procedure was successfully introduced. The Lamfalussy procedure is the first attempt to shift widely to delegated legislation in the EU. Even though the first experiences from this procedure are positive, it is crucial to keep on building trust between institutions. The working relations between the European Parliament and the European Commission in this process are very important.
As for the follow-up, firstly, the Lamfalussy procedure is basically a sound process that is welcomed by stakeholders. It is also in its early stages. It is developing all the time. Therefore no overhaul is appropriate at this point, nor is it the wish of most stakeholders. Rather we need targeted improvements – particularly Level 3 Committees – there is a lot of scope for improvement in their international cooperation, to challenge each other and explain.
Finally, I would like to say about tax-related issues that the Commission should keep its active role. Even though taxation might seem a bit difficult, and we all know that it is still beyond unanimity, we must be very courageous in putting forward action in this area.
Enhanced cooperation is a good innovation and the other items of the Commission’s agenda in the field of tax are also very important."@en1
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