Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-102"
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"Madam President, there is a lot of material for debate.
Another issue is the role of these supervisory committees as compared to the Commission. I also have the impression, like Mrs Kauppi, that in the Commission you would only prefer to have these supervisors as advisors and not really have an independent role for them to play, for instance in the international connection, in connection with the IASB standard-setting board or the FSF.
A direct question to you. We have been told that Mr Barroso was very proud that now the Commission is invited to this financial stability forum, but that although you were invited last week you did not go to that meeting. Maybe you can directly respond to say whether this true or not?
A final thing, on the executive pay recommendation, the only thing you have mentioned is that this is soft law and one Member State is following up on this. There is room to come up with stronger proposals, so please come up with your proposals.
If I may quote the Commissioner on some of the things that he said, I should like to start with his statement that, in times of crisis, politicians should do something.
I think they should do it much earlier. Before a tsunami comes over us, we should take the measures and be proactive and prevent this type of thing from happening. So I agree with what others have said: if we are starting to act now, it is too little, too late.
My second point is this issue of the supervisory steps to be taken. You mentioned the Solvency II example where you also accuse us, Parliament, of weakening these proposals on group supervision. I do not think it is a weakening of the structure that has been proposed, as I think my colleague Mr Sánchez Presedo has mentioned already. What is proposed in fact by the Commission is a system of group supervision where lead supervisors, which often are the big Member States, take the lead in the process of a college.
I support the idea is that we should create colleges and that we should take some of these supervisory issues at a common, joint, level, because these cross-border groups act at the joint level. But the point is that there may be conflict between the interests of these lead supervisors of one national Member State and the supervisors of a host Member State, a big part of whose markets may dominated by this other group.
So in these cases of conflict, it is not fair to just say that you can have a sort of voluntary mediation by the Level 3 Committees followed simply by advice to the lead supervisor, and then in the end the lead supervisor can either comply or explain that he is deviating from this advice.
This is what is worrying the host Member States, and that is why you cannot stick solely to national supervisors dealing with this. There you need a neutral, impartial, independent arbiter at European level, and this is what I have already proposed in this report: not a bureaucratic supervision structure, just something to build on the present structure simply by adding to the other chairs of these three Level 3 Committees an independent chair and an independent vice-chair to act together with these Level 3 Committees and to deal in a binding way with the resolution of conflicts that may remain between supervisors.
This is what I think should be the guarantee to enable host Member States, smaller Member States in particular, to give their assent to this type of group supervision and these mandates to lead supervisors.
So this extra level, the extra add-on that we need to solve this problem, as well as for the short term, is in Amendment 7 that I have tabled for the vote tomorrow."@en1
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