Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-926"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-07-07"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20100707.23.3-926"2
lpv:hasSubsequent	lp_eu:2010-07-07-Speech-3-9252
lpv:speaker	lp:Nuno Melo2
lpv:spokenAs	member_of_the_bureau; EPP (2009-07-14--2014-06-30)3 member; LIBE (2009-07-16--2012-01-18)3 vice-chair; Delegation for relations with the Mercosur countries (2009-09-30--2014-06-30)3 substitute; Delegation for relations with the Palestinian Legislative Council (2009-09-16--2014-06-30)3 substitute; DROI (2009-07-16--2012-01-18)3 unknown; Partido Popular (2009-07-14--2014-06-30)3 substitute; ECON (2009-07-16--2012-01-18)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2014-06-30)3
lpv:translated text	"The recent financial crisis 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. Hence, the aim of this directive is to bring about an overall improvement in 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, maintain the stability and sustainability of public finances, and strengthen international coordination and cooperation in the field of supervision. The creation of a European System of Financial Supervisors and the definition of its powers are essential in order to achieve an effective supervision model in all sectors, including banking, insurance and occupational pensions, as well as securities and the markets."@en1

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