Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-364"
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"en.20100706.27.2-364"2
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"Mr President, economic governance, supervisory architecture, cross-border crisis-management tools: these are all very important areas post financial crisis. For all these areas, we need to ensure that a strong and resilient structure is put in place as soon as possible in order to ensure that we can deliver a common set of rules, whether for Member States accounts and their behaviour in economic governance, or for our financial services reform. We need to arrive at consensus. The outcome needs to be fully implemented by all 27 Member States and be fully complied with. Any new institutions need to be apolitical, and recruitment of staff should be based, above all else, on merit and ability to do the task at hand. We need to send a clear signal that these new procedures and supervisory authorities, especially the proposed European Systemic Risk Board, are necessary and can work for the benefit of our constituents and our collective economies.
The recent financial and economic crisis has necessitated bold measures. In Europe, we have identified areas in which regulatory gaps can be bridged and will hopefully also improve the transparency of our markets and financial services as a whole. The recent agreement on the US finance bill has been hailed by many as putting the US regulatory reform ahead of the EU. I do not agree with this conclusion. If we can find agreement on the supervisory architecture over the coming days and weeks, we will have a robust EU framework centred on a new European Systemic Risk Board and the three Lamfalussy committees transformed into European authorities. Once this framework has been established, it should aid the safety of the financial system and may even prove to be a vehicle to improve the functioning of the single market in financial services.
In following this agenda, we do, however, need to ensure that any new authorities established work effectively with national supervisory bodies and that, at all times, these discussions and negotiations strive for the best structure, the best supervision and the best outcome, rather than whether it is ‘more’ or ‘less Europe’. I commend the Commission’s focus in addressing the key issues of concern and believe that although by very different methods, we will soon end up with a global financial system which is safer and better serves our economy."@en1
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