Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-916"
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"en.20100707.23.3-916"2
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"The recent financial crisis has highlighted major weaknesses in financial supervision, both in individual cases and in relation to the financial system as a whole. Models of supervision had a national perspective and did not adapt to the globalisation that occurred within the financial system, where different financial groups conduct their operations across borders, with the systemic risks that this entails. There was, therefore, no cooperation, coordination or consistency whatsoever in the application of EU legislation. This directive thus aims to improve the functioning of the internal market by ensuring a high level of supervision and prudential regulation and by protecting depositors, investors and all beneficiaries. It is therefore crucial to safeguard the integrity, efficiency and smooth running of financial markets, maintaining the stability and sustainability of public finances, and strengthening international coordination and cooperation in the field of supervision. I believe that the creation of the European Systemic Risk Board is essential in order to achieve an effective supervision model and in order to avoid the systemic risk caused by the cross-border nature of large financial groups."@en1
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