Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-072"
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"en.20100922.4.3-072"2
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"Madam President, ladies and gentlemen, it is with great pleasure that I appear before you again to discuss financial supervision once more, as we have had the opportunity to talk about it following the last Ecofin meeting, while the legislative package on supervision is now being submitted to Parliament’s vote.
Secondly, what we also want is a system which becomes ever stronger, not one which stands still. With the European Systemic Risk Board, we will introduce an essential organ of debate and macro-economic decision making, including at a transatlantic or even a global level.
With the European supervisory authorities, we will have effective actors of risk prevention and treatment if we give them the powers to carry out their actions. This is partly the case with the Omnibus I Directive, on which Parliament is being asked to give its opinion today. However, other legislative measures will have to follow as part of the revision of existing texts.
It is on this point, Madam President, ladies and gentlemen, that I would like to conclude. Today, we are coming to the end of a crucial first step and, while hoping for a positive result from your vote just now, I would like, in particular, to thank the Chair of the Committee on Economic and Monetary Affairs, Mrs Bowles, the various Parliamentary rapporteurs, Mrs Goulard, Mr García-Margallo y Marfil, Mr Skinner, Mr Giegold, Mr Sánchez Presedo and their shadow rapporteurs, as well as Commissioners Rehn and Barnier, who are present in this Chamber, and, of course, all their collaborators too. There have been fruitful exchanges – and, I think, constructive ones – between us on the package of amended texts put to the vote today.
However, I hope that the will to achieve results which has inspired us will continue to lead the negotiations on future texts to complete and modernise this system further. I think I can say, on behalf of those who will succeed me as President-in-Office of the Council over the next few months, and in view of recent negotiations, that I am confident that this will be the case. I hope that we will be able to come here soon with new agreements – particularly regarding investment funds – and that together, we will be able, with Commissioner Barnier, to support a whole range of actions to implement new legislative texts.
It is a collection of texts which introduces a particularly important reform in the Union and which responds to several challenges. The first challenge – the President of the Council has just spoken about it – is the response to the crisis. The decade which is just coming to a close has seen the introduction and deployment of the Lamfalussy architecture in all the financial sectors.
The committees of supervisors have, in some way, begun to make their presence felt. They have contributed to the development of European financial legislation and to a process of progressive convergence of prudential supervision. This process was an important and positive first step towards a European approach, but, in the light of the crisis, we really must say that this process did not, in the end, turn out to be ambitious enough.
It did not allow us to prevent or contain the financial crisis or to coordinate rapid and efficient responses on the ground, particularly relating to cross-border cooperation. It is for this reason that we are aiming to create an operational European Systemic Risk Board, with all the administrative support of the European Central Bank, which, under the leadership of its president, is more than ready to work on the implementation and introduction of this board.
I do not doubt that Mr Trichet will bring all his competence and authority to it, including in following up potential warnings or recommendations made under his Presidency. It is for this same end that we also want stronger, more responsive and much better equipped supervisory authorities to prepare the Community technical standards and ensure their full implementation, including in times of crisis.
In the event that a national supervisory authority fails to act, these authorities will have the legal means to make financial establishments conform to the standards. They will help establish a true European supervisory area, which is indispensable for strengthening the internal market. They will thus be involved in the functioning of the colleges of supervisors and will help resolve any disputes between the national authorities while, of course, allowing them to conduct prudential everyday supervision.
Have no fear of words; the introduction of these authorities is an historic agreement, as some have already mentioned many times in this Chamber. The Belgian Presidency made this its main priority in the area of financial markets, but also in a global manner. Let us make no mistake: in this way, we are continuing to build an original supervision model – I will come back to this – but we must also take account of the evolution of the supervision structures of our main partners. This is the second challenge: to show that the European Union of 27 is capable of reforming its financial supervision structures without allowing itself to be left behind by the United States in particular.
With the de Larosière report in February 2009, which the European Council welcomed very warmly, incidentally, the debate in Europe moved in promising directions, but we had to make these hopes of reform succeed. The United States has meanwhile undertaken a large-scale revision of its supervision with the adoption of the Dodd-Frank Act. In voting today, I hope, in favour of the legislative package, which is the fruit of a year’s investigation, negotiations and cooperation between the different institutions, the European Parliament will show that the European Union is not being left behind, and that it is also a leader in the reform process supported at the G20.
However, we can only be a true leader in the long term. Today’s historic vote aside, we will have to ensure that our new system keeps going and evolves. This is the third challenge. What we are aiming at, firstly, is a model of micro-prudential supervision which is largely decentralised, where the authorities support and coordinate the national supervisors without taking their place."@en1
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