Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-469"
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"en.20100706.30.2-469"2
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"Madam President, I am deeply touched that you still have the patience to listen to me as I have been with you for four hours now, and I am delighted to be here, to answer your questions and to listen to your debate on some very important matters.
I should like to thank Mr Karas for his support on the issue of implementation, as agreed, in parallel with the US, in respect of insolvency law. We shall work on this issue within the framework of the programme for resolving the crisis, but it is a long-term project.
Mr Christensen, you stressed the need for transparency. This is a very important point on which the European Parliament still has a great deal to do to improve the Commission’s original proposals, and I thank you for it.
Mrs Bowles mentioned the central issue of capitalisation, as did Mr Balz a short while ago. Capitalisation is indeed important. However, I think that an appropriate internal and external supervisory framework, which we are also debating, is equally important. Regarding CRD 4, which is under discussion with the banks, I must tell you, Mr Balz, that I am extremely anxious to carry through to the end and with great care the impact and macro-economic studies that we need in order to adjust the measures contained in CRD 3 and CRD 4. There is the adjustment within the Basel measures themselves, there is the adjustment between the Basel measures and the other measures relating to precaution and prevention, internal and external supervision, corporate governance, resolution funds and the range of tools for precautionary purposes, and then there is the final adjustment, with regard to which I am very vigilant – I say this one last time, by way of conclusion – which is a confident but clear-sighted adjustment between what the United States is doing and must do, on the one hand, and what we ourselves must do from a European point of view, on the other.
We need to achieve exactly the same objectives. They have been set by the G20. We must achieve them in parallel, and I shall be careful to ensure that this does indeed happen.
Once again, my thanks go to Mrs McCarthy and Mr El Khadraoui and to all the members of the Committee on Economic and Monetary Affairs for their commitment, their contributions, and the important improvements that you, the rapporteurs, have made to these texts.
We still have a great deal of work to do on the issue of the financial sector, on remuneration in the other financial sectors, on corporate governance, on CRD 4, on derivatives and on short selling, and I shall propose some regulations on these areas in September.
Only today, the College approved two legislative texts on deposit guarantees and compensation for investors, and a White Paper on guarantees in the insurance sector.
To return to today’s texts, on which you will vote tomorrow, I think they are sound texts which have benefited from a considerable number of contributions in the course of the negotiation process, from positive amendments, tabled by your committee, in particular, concerning details on the calculation of remuneration, transparency in remuneration policies, restrictions on bonuses in those companies which have benefited from State aid, and clawback.
With regard to international competitiveness, I would like to remind you that the Financial Stability Board’s remuneration principles are general principles designed for states, which differ considerably in terms of their economic development. There is considerable diversity amongst these states and, where the Financial Stability Board’s general principles allowed them too much room for manoeuvre as regards the implementation of those principles, it was indeed necessary, at European level, to ensure that the Member States implemented the text of the directive consistently. Clear rules have been implemented which cannot be interpreted in different ways. As I have already said on numerous occasions, I do not believe that a clear, consistent legislative framework would in any way compromise our international competitiveness. I even believe that if Europe becomes one of the very first continents to implement these intelligent regulations and intelligent supervision, it will enjoy a competitive advantage.
With regard to what you were saying about the workings of the new European authorities, we still need to establish these authorities. They have not yet been established. This is the aim of the debates we are having with the Council at this very moment. In my view, these new authorities will have to have real powers of coordination and be able to ensure that these common rules are applied coherently and consistently. Furthermore, there must be the opportunity to take decisions relating directly to institutions, in the event that European law is not applied correctly. This includes, Mr Canfin, decisions on rules relating to remuneration.
Therefore, I assure you that the Commission will be extremely vigilant as regards these various points in the coming days.
I should now like to say a few words about the application of these new rules. They must apply to all investment banking firms. The directive includes a general principle of proportionality, which allows for the application of the principles to be adapted to different credit institutions, taking into account their legal structure, size, complexity and the nature of their activity. We firmly believe that CRD 3, thanks to you, will make significant changes to practices which have been all too frequent until now, and which have led to excessive risk taking by the banks and hence to the economic crisis, the consequences of which we are suffering today."@en1
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