Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-426"
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"Madam President, first I must apologise for the absence of Mr Rehn, who has had to take an aeroplane, but who has largely heard the essential parts of our speeches. I will report all those matters to him which may concern him directly.
Mr Bodu, the Chair, Mr Lehne, and Mrs Regner also gave their support to the work that we are doing together. I think that we effectively need, as I have just said, real European supervision which is efficient and coordinated. This is why it is very important that we use the days that we have before us intelligently so that we can succeed in convincing the Council to grab the ball that is now in its court, and to take the opportunity that you have offered it to provide detail on these matters and to reach a true agreement.
Mr Baldassarre mentioned a worry that Mr Lehne also has concerning the powers of the authorities. I would like to remind Mr Baldassarre that the proposals that I have made on behalf of the Commission, which were also made before me, have been prepared with our legal service, without prejudice to the powers of the Commission.
Mr Pittella, Mr Méndez de Vigo, Mrs De Sarnez just now, Mrs Goulard, Mr Ferber and Mrs Lulling reminded us of the ambition of the proposals put forward by the de Larosière group. As Mrs Goulard also said, I would remind you that these are proposals that were made at the request of President Barroso. We have tried, in the Commission proposal, to stay as close as possible and even sometimes to go a bit further than the ambition of the de Larosière report on this European architecture. I would like to repeat to you my wish, in the weeks and, I hope, the days to come, with the cooperation that we will enjoy with the council of finance ministers, to stay as close as possible to the credibility and ambition of these initial proposals by the Commission, which are based on the proposal by Mr de Larosière.
I would like to say a word on a subject which Mr Bokros and Mr Audy mentioned earlier on relating to accounting standards. This has to do with the transatlantic calibration that I sometimes mention. I am not worried about the energetic interaction between Americans and Europeans. At the moment, 80% of financial exchanges take place on both sides of the Atlantic. The other regions of the world are there, between the Americans and the Europeans. I notice that President Obama and European leaders have signed the agreements and have taken the decisions together at the G20. We therefore have the same road map. Also, the last G20 was something of a follow-up G20, in my view. Even if it were only that, it is important that we show the same determination to implement what has already been decided and which is a long way from being implemented. The Americans adopted a different method from our own – they adopted a global package. They will now need to open the drawers one by one to implement these decisions. As for us, we have a series of proposals, which are currently being examined, on the regulation on hedge funds and private equity, the one which has just been adopted on CRD 3, and the one which I hope will be adopted on supervision.
Brick by brick, week after week, we will come up with all the proposals expected of the Commission in implementing the G20 decisions. This is why I wanted not just to do the same thing as the Americans, but to give you an overall vision so that journalists, businesses, markets, citizens and European and national parliamentarians have an overall global vision, and to put this entire agenda into a complete and coherent document, which was adopted last 2 June and which is now our road map.
On some points, the Americans have achieved somewhat more, but we will also take action on one extremely important point, namely the regulation of derivatives and short selling, this coming September.
I think that there are real parallels between the Americans and the Europeans. We are not always using the same tools, and we will not always use the same methods. Our banking sectors are quite dissimilar. I would remind you that in Europe, the banks finance between two-thirds and three-quarters of the economy. In the United States, it is the other way around. We do not always have the same banking structures. We will not always have the same tools, but we must achieve the same objectives within a similar timescale. The only point, Madam President, where we have a debate which may become a matter of divergence is the point that Mr Audy mentioned, which is the extremely important point regarding accounting standards. On this subject, we are having a confident dialogue with the Americans, but one without naivety.
That is what I would say in conclusion, and I thank you for your speeches.
I would first like to draw the attention of the Chair, Mrs Bowles, and Mrs Ferreira to the importance that I attach to this whole system of prevention and precaution. Mrs Bowles reminded us of the need for early intervention measures. I think that these are good ideas. You will find them again in the Commission’s communications in October, in the toolbox, and in the legislation that I will present in 2011. I would like to say finally, Madam President, that I will be very careful to see that we get it right on Solvency II, and also on everything that affects the implementation of Basel.
Many of you, ladies and gentlemen – Mr Ferber, a moment ago, Mrs Győri, Mr Balčytis, Mr Karas just now – mentioned the citizens. I think that it is good to remind people of the shock, the concertina effect, the human social consequences of this financial crisis, along with its economic and social consequences, which have not come to an end. We are indeed carrying out this reform for the citizens. I think, like many of you, that if a new crisis should occur – the risks in various sectors were mentioned a moment ago – without us having learned the lessons from the financial crisis over the past two years, and without us having created tools of prevention and precaution, the citizens will not forgive us. This is very much a reform for the citizens. This is a question of putting financial services, the markets, in the service of the real economy, employment and therefore the citizens. This is one of my priorities, quite apart from what we are saying at the moment this afternoon, Madam President, on other points of concern to the citizens, such as the protection of citizens who are consumers of certain financial products.
Just today, the Commission adopted, at my suggestion, the revision of the directive on deposit guarantees, the revision of the directive on compensation for investors and a White Paper on guarantees in the insurance sector.
Mrs Lulling mentioned a point which is of interest to my colleague, Olli Rehn. It is clear, Mrs Lulling, that the President of the Central Bank must have a pre-eminent role in the European Systemic Risk Board. The exact mechanism for nominating the president is a point on which we are working with my colleague, Olli Rehn.
Mr Klinz, I would like to thank you for the support that you are showing us. You reminded us of the importance of applying our rules properly. This is the very idea behind a single rule book, which I am personally very much in favour of.
I would like to say again to Mr Lamberts and Mr Giegold, who is here, that the question of the European authorities prohibiting certain products or certain transactions is an idea which interests me. I am open to this idea, which would mean that the supervisory authorities grouped together in the new European network must be proactive in the supervision of products, particularly the most harmful ones, which may pose a risk to financial stability and the protection of consumers that I have just mentioned. That must be embarked upon, Mr Giegold, well before we talk about a ban. I could imagine an important coordinating role for the authorities in this area. The Council also accepted that the authorities may have such a role. I think that it is possible to come to an agreement on a text which ensures a large scope of application while foreseeing the possibility of taking action on dangerous products or transactions.
Mrs Hübner, Mr Méndez de Vigo, Mr Balz and Mr Audy mentioned the cross-border mission of these institutions. The proposal of the ECON committee to hand control of cross-border institutions to the authorities is an option which poses political and technical problems that I suggest you should not ignore. The important thing for me is to have in place, by 1 January 2011, authorities which have real binding powers to deal with the lack of coordination and the weakness or failure of supervision noticed in the past, to act in cases of emergency, to ensure respect for Community law and to control the rating agencies that many of you have mentioned this afternoon.
Then, after these authorities have been functioning for three years, and when their reputation on the markets is established, we will carry out an evaluation together with you to see if a change in competences is required."@en1
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