Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-376"
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"en.20100706.28.2-376"2
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"Mr President, the financial supervision package is one of the most important legislative measures that has come before the European Parliament, and is a decisive step towards improving the economic governance of the European Union.
The ‘Omnibus’ Directive, for which I am rapporteur, introduces the new supervision architecture into 11 sectoral Union legislation directives relating to banking and securities markets. It is not a case, therefore, of a regular, generalised review. There is a great parliamentary consensus on doing this by preserving the
adapting the comitology procedure to the Treaty of Lisbon, and updating the Lamfalussy architecture within the context of financial services.
Financial supervision must be based on the existence of a set of standards, a ‘single rule book’ at European level, and to achieve this, a key role for the authorities in drawing up technical, or even regulatory, standards, by means of delegated acts or implementation measures, has been acknowledged throughout all of the sectoral legislation, in accordance with the Treaty of Lisbon. The Commission has been given the necessary powers to ensure its adoption within the anticipated timeframe. All competences and powers have been incorporated into the sectoral legislation.
I hope that the negotiations on this directive can be brought to a satisfactory conclusion.
Work on it, which began formally in September 2009 with the presentation by the Commission of the legislative proposals that followed the report by the de Larosière Group, has deeper roots in this Chamber.
I would point, in particular, to the work of all of the Members who, for years, have advocated European financial supervision and, in particular, those who represent my group.
When the Council adopted its position under the Swedish Presidency, in December of last year, the main parliamentary groups held it to be insufficient for addressing the deficiencies detected. The rapporteurs were subsequently able to reach a broad agreement in the Committee on Economic and Monetary Affairs, which was put to the vote on 10 May of this year.
The trialogues began the following day. A marathon series of meetings has taken place since then: 18 under the Spanish Presidency and two under the Belgian Presidency. There has been very significant progress on fundamental issues which are already important bases for the agreement: the definition of objectives; consumer protection; the role of the authorities within the regulatory process; the checking of compliance with legal standards; the establishment of binding mediation; the temporary banning of products; the introduction of the notion of systemic risk and the strengthening of supervision relating to it; the development of the concept of the ‘stakeholder’; proper use of the safeguard clause; the authorities’ voting system, etc.
When including this item in this plenary sitting, we had anticipated completing the negotiating process by this date. We wanted to send a positive signal to the public and to the financial markets, declare our commitment to the authorities being in operation by 1 January of next year, and associate ourselves with the arguments of the European Council in favour of a speedy conclusion to the negotiations.
We have been open up to the last minute to reaching a compromise, but the technical, legal and political complexity of the proceedings has not allowed us to arrive at a final text.
In addition, the new Presidency of the Council has expressly requested time to bring its positions into line with the prospect of an agreement upon a first reading.
As colegislators, we need to continue making an effort, as this agreement is still possible. We rapporteurs have therefore decided to vote for the text that reflects our commitment, endorsing the ambitious mandate of the Parliament, but not to put the legislative resolution to the vote. This leaves some leeway for reaching a compromise at a first reading within the next few weeks."@en1
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