Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-06-04-Speech-3-222"
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"en.20080604.24.3-222"2
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"Mr President, ladies and gentlemen, I would quickly like to thank all the Members who have spoken, and thanks once again to the Commissioners and to Mr Karas.
I would like to say a swift word on interchange fees. My proposal for guidelines is based on the conviction – and of course here we may disagree, Mrs Kroes – that the interchange fee is useful for the development and the efficiency of the payment instrument. Also, in the absence of interchange fees there is a risk that the costs would be borne by consumers.
Moving on to the issue of what is the best approach on the regulation of financial markets, I believe – and I have often said so to Commissioner McCreevy – that under-regulated and poorly regulated financial markets and the frequently ineffectual self-regulation carried out by the banking industry are elements whose negatives effects have been clearly demonstrated by the current financial crisis.
I therefore believe that it would be wrong to think that the proper integration of the retail financial sector can be completed solely by means of self-regulation by the industry. The retail products financial market will only be able to call itself properly integrated once that degree of full harmonisation that the consumer protection rules aim to bring about has been achieved and guaranteed. This can best be done through a legislative initiative by the Commission."@en1
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