Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-036"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20090422.4.3-036"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"If you will allow me to make a preliminary comment, I would like to say that I have listened with astonishment to all kinds of speeches that have been delivered here by Members of this Parliament about leadership and tackling capitalism. These are all Members we never saw when we were doing the actual groundwork in order to steer the capital in the right direction.
I was shadow rapporteur for the report by Mrs Weber, and she is someone who did do the groundwork in a dossier that is about modernising, simplifying and lightening the burden for businesses when it comes to European rules and regulations. The dossier formed part of a large package of superior legislation, and I should like to stress that this superior legislation is not simply a question of deregulation and lightening the burden, but also about responding more adequately, more flexibly and more dynamically to developments with clear powers, not least for the supervisors involved.
In this connection, I should like to say two things which, in fact, also relate to the other two dossiers that are up for discussion today. First of all, there is no point in trying to solve yesterday’s problems. We should, instead, anticipate what will happen in the future and put a process in place which will enable us to react to dynamic developments and innovations adequately. This is exactly why we have introduced such a process in the Lamfalussy procedure, which we developed recently.
Secondly, we should consider the level that is under scrutiny. The actors within the market transcend borders and have become international. As such, there is no point in fooling ourselves into thinking that these actors can be controlled by small national supervisors. These major actors who very much dominate the market really have to be tackled at the European and the global level. This means, in my view, that powers should be put in place at that level so that direct supervision is possible.
As it happens, the rating agencies allowed for this. It was Parliament’s intention initially to grant the Committee of European Securities Regulators (CESR) the power to take care of registration, but, sadly, it did not work because of the tug-of-war that will inevitably ensue between the big countries and large financial centres to attract those head offices and be able to play first fiddle there, in an attempt to get the large rating offices under their wings. This is regrettable, to my mind. I would have preferred to see this done at European level from the word go.
The same scenario unfolded in the case of Solvency II. Firm action was also lacking when powers were granted in a bid to make binding statements at European level in the event of supervisors failing to reach agreement. This also means that these guest supervisors refuse to transfer powers to supervisors who play first fiddle. Although this is regrettable, provision has been made, not least in recital 25, for us, as Parliament, to clearly indicate that, next year, we should try to improve and strengthen this aspect based on the Larosière proposals."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples