Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-273"
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"en.20100707.23.3-273"2
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"The crisis has shown up deficiencies in financial supervision. It has emerged that the supervision has not been effective enough. For that reason, I am pleased with the results achieved to date in the negotiations with the Council. I am referring here to the coordination between national supervisors. I agree that the first round of consultations is not over yet and that an agreement is still some way off. Completing the vote this week would require a second round and cause much delay. All the Member States want to have an agreement in place by July. That would necessitate the supervisory system becoming operational at the beginning of next year. However, the extensive demands which the European Parliament is still making are either unattainable in the short term or undesirable. Parliament’s proposals are threatening to overload with work the supervisory bodies that are due to be set up. Drop the demand that they directly supervise individual financial institutions and let them confine themselves to cross-border problems. In addition, the European Central Bank must continue to focus on price stability. That objective should not become entangled with supervision. In conclusion, the European Parliament would be wise to exercise restraint when it comes to appointments and the executive activities of the bodies. Distancing itself from those activities should enable Parliament to carry out independent parliamentary scrutiny."@en1
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