Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-090"
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"en.20081008.15.3-090"2
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"Mr President, we cannot shut our eyes to this. The current crisis has revealed a lack of supervision and economic governance in the financial markets.
Citizens are very clear that identifying risks and preventing them is much better than correcting them when they have resulted in imbalances and caused damage to the financial markets and to the real economy. The times when a large proportion of these financial markets operated in an opaque, uncontrolled manner, abandoned to the irresponsible games of imprudent or unscrupulous operators need to come to an end.
Free movement of capital, Economic and Monetary Union, the growing complexity in the field of financial services and globalisation demand that we go beyond a national supervisory framework. We need to move towards European supervision. The European Union cannot be absent from and left out of new concepts such as macro supervision, systemic risks, global financial stability, and the need to participate in global economic governance.
We therefore need to move towards European supervision and do so in a decisive way. Not to do so will be a serious strategic error at a time when global power is changing. We will need to overcome inertia in order to break the deadlock on
and we will therefore have to rectify and accept an integrated European approach.
In order to ensure consistency and fairness in resolving differences between authorities or between the different financial sectors we need to abandon unilateralism and progress towards a genuinely operational European system. The differences between two authorities cannot be solved through a decision made by only one of them; it is not possible to be both judge and interested party at the same time.
I therefore fervently support the van den Burg and Dǎianu report. I am grateful that my amendments have been taken into consideration and have inspired some of the compromises, and I hope that their most ambitious proposals will triumph. This will be good for our citizens and essential for the financial markets."@en1
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"Solvency II"1
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