Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-246"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20080924.31.3-246"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Madam President, I do not share the views of my colleagues who blame the Commission for their non-delivery. I think the biggest mistake the European Commission could have made would have been to think that more regulation is always the right answer. All proposals from the Commission should be proportionate, balanced and well-targeted.
I have been moderately content with how this Commission has responded until now, and I remain confident that the Commission has all the right tools to improve the regulatory framework for financial services. Improvements should be based, in the first place, on existing legislation and legal bases. In the second place, soft-law measures should be considered, and finally, if there is no improvement otherwise, then we should turn to legal, new regulations.
I think that sometimes there is a tendency to forget how much we have already done in Europe. Since 2000 we have gone through a serious overhaul of our financial services laws, and we have updated many of the relevant regulations already. We have a modern and sophisticated legal framework in Europe. I think it is followed by most of the people in America already, so I do not think we need to radically change our approach.
Finally, I would like to say that it of course needs to be considered that the supervisory framework is not as good as it could be. We should develop – based on the ECOFIN road map – the way the supervisors work in Europe, but also we should remember the global scale of things. We should remember that the financial industry is probably the most global industry in today’s world, and we cannot act in a vacuum. We should remember that we are living together with the outside world, and we should try to develop standards, mutual recognition and convergence with transatlantic players – because that is the way to currently open competition – and also very good rules on the protection of retail clients and the way these things go forward.
Finally, one thing about the ECB. I think we need to thank the ECB. The ECB did a very good job. The consequences to the European economy, both in the financial economy and also the real economy, would have been much more severe without the very good delivery of the ECB in terms of liquidity. I think the ECB should be congratulated for that."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples