Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-04-20-Speech-2-289"
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"en.20100420.12.2-289"2
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"Mr President, Mr Papastamkos, I am aware of your long-standing commitment, and that is why I welcome this dialogue that you are opening between us for the first time today, because I personally have only been in post for a few weeks.
I am taking account of this new regulation, which was proposed by the previous Commission, under Mr Barroso’s authority, and which improves matters. I have mentioned the new requirements that will be imposed on credit rating agencies and I have spoken about the latest progress that will be made on the proposal that I shall put to you, in accordance with your wishes, for supervision by the European Securities and Markets Authority (ESMA).
You are right in what you say: this is not the only area in which, in a now highly integrated common and single market, we see that there are businesses, particularly financial businesses, that are no longer nationally owned. I would remind you, Mr Papastamkos, that in half the countries of our European Union, 50% of the banking industry belongs to groups from other countries.
We are therefore in an integrated market with businesses that are largely transnational, but supervision has remained at national level. Our task, therefore, is to ensure integration, and that is what we are committed to doing. With the new powers being granted to ESMA, the international – European, let us say – supervision that you are calling for will be very much a reality.
Now, as regards your country, which has suffered this shock, we must be very vigilant. I am not going to jump to conclusions about what happened. We must be vigilant in all cases in which credit rating agencies reach decisions on the Member States, and evaluate their economic situation and that of their public role. Why? Because at stake here is, in fact, a sovereign state, the cost of its debt and, in the final analysis, the situation of its taxpayers, who I believe are too often made to bear the brunt of things. This, incidentally, was the subject of the proposals that I made to the Ecofin in Madrid on Saturday on foreseeing, preventing and managing future crises, so that taxpayers do not always have to bear the brunt of things.
I am very aware of the effects of the decisions taken by credit rating agencies and of the effect that these decisions have on the behaviour of investors. That is why we need tough, demanding legislation, and these agencies must weigh up all their responsibilities and must be supervised in order to do so. They will be supervised by the European authorities under the proposals that I will be making at the end of this year."@en1
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