Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-01-20-Speech-3-311"
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"en.20100120.16.3-311"2
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"Mr Martin, clearly, I think the EU is tackling proper supervision of the financial system at European level, and surely, in this case, we have needed to extricate ourselves from a severe crisis. It is carrying this out from two essential dimensions which are laid down in the financial supervision directives, the six directives which the Commission set out last year and which, at the moment, will require agreement between the Council and this Parliament. We intend to get this agreement completed during the Spanish Presidency. Therefore, we will mainly be discussing it with this House.
On the one hand, there is what is known as macroprudential supervision, through the European Systemic Risk Board, which seeks to prevent serious crises, to guarantee financial stability and to reduce disruptions to the financial system. And, on the other, there is what is known as microprudential supervision, which I think is what Mr Martin was basically referring to in his question.
These are the three European authorities on banking, insurance and the stock market. The aim of this supervision is more in-depth supervision, forgive the repetition, and reducing disturbances in individual financial entities, therefore protecting the clients of such entities.
The Council, as I have said, approved a common position in this regard, once and for all. Firstly, last year in October, the Council gave political affirmation, and political confidence to that macrosupervision, and, in December, to microsupervision and the whole legislative package. This is something, as I was saying, that is subject to the ordinary legislative procedure and, therefore, to what Parliament agrees with the Council.
These three committees should be up and running. We would like the Directives to be adopted, even, if possible, in the first semester of the Spanish Presidency, but in any case, up and running by the end of 2010. This is the Council’s objective.
Consequently, we expect fruitful cooperation with the European Parliament so that we can bring this important step forward to a conclusion, which I believe is historic and is in line with the approaches which have emerged from outside Europe, from the G20, as the United States is preparing a similar regulation. We believe this is one of the challenges that we must face in order to avoid another crisis such as this one, which originated in the financial system, through a lack of regulation and through the irresponsibility, as the Member previously said, of certain leaders within the financial system."@en1
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