Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-052"
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"en.20090422.4.3-052"2
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"Madam President, I would like to start by saying what I should perhaps have said first of all, which is a thank you to all the services of the Commission, the Council, and particularly the Parliament, for the work that they put into this. I have to say that without their work and their help, we would not have achieved this.
Like many around the room, we are quite astounded by the level of technical detail that goes into many of these reports, but let us say about Solvency II that it was forged outside a crisis to face a crisis. It has risk management in it and – as many people have heard round the room – this is a first for much of the financial services legislation. It also does – and I agree with the Commissioner – contain group supervision. Group support, unfortunately, is out, but we have heard all about that. Let us hope that we can get that back. Capital is defined as well. Many aspects of this report make it a world leader.
My second point is about the strategic impact of using such legislation. In many respects, just having a regulation that works over 27 Member States is not going to be helped if we do not have the twin, which is a strategic regulator at a European level which works over 27 Member States as well. We need to overcome the differences that exist between regulators and make sure that we speak with one voice. It is particularly important when we come to recognise regimes elsewhere in the world. Just this weekend I met with Paul Kanjorski, Chair of the Subcommittee on Finance in the US Congress, and others, who are now talking about accelerating the prospects for a single regulator at a federal level in the United States. It they do that before we do it in Europe, we could be severely embarrassed by not having the regulator we need at a European level.
This is a report which is at a global level and a global measure, a process about which we could all feel proud, but we also need to make sure that we continue to push for the changes on the issues thrown up by the de Larosière report and also on group support which will bring about economic efficiency. I hope that everybody can support those measures."@en1
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