Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-05-06-Speech-3-084"
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"en.20090506.3.3-084"2
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"Mr President, I am standing here with mixed feelings in my last debate in this House. I am very happy with the decision that we took on the Hoppenstedt report to increase the funding of the Level 3 committees. This is a step towards strong European supervision of the financial markets that have developed far beyond national borders. I have been a strong supporter of this and I hope the debate on this will continue very strongly in the next term.
The other dossier on the Capital Requirements Directive (CRD) is not, in my view, a good example of better regulation under the Lamfalussy process that we have developed in the 10 years I have been active. I will support the results because we need to send a strong signal to the market, but I would have preferred a more principles-based approach and more transparent consultation in the political process. This was the pressure of obtaining this hasty result. I hope that, at the end of the year when there will be a fuller review of the CRD, the Lamfalussy process will also be taken properly into account. I strongly recommend that the Committee on Economic and Monetary Affairs reinstate this process.
In my last speech, I would also link to what Ms Berès has said and would say to Mr McCreevy that it is a pity that what he has done to regulate these financial markets is really too little and too late. I want to express my appreciation to my colleagues in the Committee on Economic and Monetary Affairs for their cooperation over these 10 years. I hope they get a Commissioner in the new term who will be exclusively devoted to the financial markets, handling a portfolio which really focuses on this very important subject that brought us into these dire straits nowadays, and who will really be devoted to regulation and proper European supervision of the financial markets."@en1
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