Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-23-Speech-4-355"
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"en.20090423.62.4-355"2
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"Mr President, ladies and gentlemen, in the resolution that it will adopt tomorrow, Parliament will welcome the positions taken on credit rating agencies, which aim to increase transparency and to strengthen cooperation between the national supervisory authorities.
In this respect, this very day, Europe has shown the way forward. This morning, COREPER adopted the compromise reached between the Member States, the Commission and Parliament At noon today, Parliament, in turn, adopted the compromise by an overwhelming majority of 569 votes to 47. Therefore, the regulation proposed by the Commission and amended by Parliament will quickly come into effect.
I would like to stress that this regulation lays the foundations for European supervision in the spirit of the proposals in the de Larosière report. The CESR will be the single entry point for registering agencies and it will initially play a coordinator role.
The Commission has undertaken to propose, in the next few months, a legislative initiative that will enable the finishing touches to be put to a truly European supervisory system.
Before concluding, I would like to stress that the return of confidence, which is the real objective of all the measures taken, obviously hinges on better regulation, especially of the financial system.
However, we must also take into account the fears of our fellow citizens and respond positively to them. We should give them realistic messages of hope. Unless we improve the morale of our fellow citizens, we will not restore consumer confidence, without which economic recovery will not be possible The information provided to our fellow citizens has to be balanced and honest and not encourage defeatism by hiding the progress, the successes and practical consequences of the recovery plans, whilst taking into account the timescales necessary for them to produce their effects."@en1
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