Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-377"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20100706.28.2-377"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, ladies and gentlemen, I feel that it is nothing short of symbolic that the Council’s seat is empty just when we are coming on to this item. I am aware that the Council is currently attending the swearing-in ceremony, giving it a good excuse for its absence. However, the Council’s empty seat is indicative of the fact that now, after very many weeks and 18 trialogues on the core packages, which are the ESRB and the individual supervisory authorities, we have still not received any written common position from the Council in which it expresses its response to what we have done as a parliament.
Parliament has the following message, which is supported by a large, overall majority. We will not allow the Council to water down the proposals made by the de Larosière group and those submitted by the Commission itself into a nationally prejudiced, parochial approach, by not responding to the experiences from this crisis, but engaging instead in narrow-minded bickering over powers, without seeing which solutions were effective and what form financial supervision must take in a European internal market, but rather by ensuring that it did not give up any of its powers which, as has been very apparent in recent years, have not been exercised effectively at all because Europe’s financial centres have been competing with each other to make the best offers and people were happy to turn a blind eye occasionally to what was going on.
Since then, we have had a wide-ranging discussion about many issues. Europe’s citizens do not understand why a common European Financial Supervisory Authority is going to be spread across three different cities. They also would have expected these authorities to be granted strong investor and consumer protection rights. This is the decision we have come to now in Parliament. There also seems, fortunately, to be a broad consensus that this step is necessary.
The regulation of derivatives will create new European market infrastructures. It should be the norm for public goods in Europe to come under European scrutiny as well, and not just from national state institutions. We also insisted in Parliament on the new authorities receiving rights allowing them to ban risky financial products.
Let me spell it out: the aim is not to stop the introduction of innovative products on the financial markets. If things turn out to be risky, however, there should be an opportunity to ban these products throughout Europe. This principle is now accepted in the negotiations, but while the details are being ironed out, attempts are being made to make it so difficult to ban products that it is hardly likely to be applied in practice, and at least not to innovative financial products.
Then we have the long debate about direct decision rights. This was another case where we had to fight against the suggestions being watered down. The key point remains: if a real financial crisis breaks out, who declares the emergency? The Council insists that it should be the Council itself which should decide that decision rights should be transferred from Member States to a European authority. Will the Council ever do this? It is insisting that the fox should be put in charge of the henhouse. This does not make any sense, a fact which the Commission has also continually pointed out. So far, the Council appears inflexible.
The Council also insists that any decisions made by the European authorities at the time when they are curtailing Member States’ budget rights can be reversed. We are happy to accept this principle, except for small amounts and not if it involves, for instance, reducing tax revenues. It must be a case of large sums being allocated by means of a decision at European level.
In other words, in spite of negotiations lasting months and 18 trialogues, we are still not close to finalising everything. It is now over to the Council. We must now vote on this matter this week and send out a clear message to ensure that the Council finally heeds our citizens’ calls and establishes an efficient, uniform European Financial Supervisory Authority, capable of providing an adequate response to the crisis. On that note, I am sure that we will continue our constructive cooperation in this House, and I am obliged to all my fellow Members for this."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples