Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-085"
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"en.20100922.4.3-085"2
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"Madam President, Commissioner Barnier, Mr Reynders, ladies and gentlemen, I welcome the compromise reached in order to adopt the financial supervision package at first reading and with a broad consensus. European supervision was a long-held aspiration in European integration and an essential instrument for moving forward with financial integration, making monetary policy more effective and improving competitiveness. It was also something that we needed to achieve in order to put an end to the financial hypertrophy and close the gap between global finance and national supervision.
The current crisis has confirmed the insufficiency of the market and of nationally based solutions. We need to correct the defects that have been detected in regulation and supervision. In our case, supervision is a priority in financial reform because, while European regulation has been deficient, supervision has been non-existent.
European supervision lays the foundations for a complete, thorough and credible reform. This first transnational experience is a step towards a consistent system of international financial supervision.
Parliament has worked together to ensure that the package has three focuses. The first focus is that it is more balanced, in order to achieve security and solvency for the financial institutions, financial inclusion and protection for consumers, savers and taxpayers. The second is that it is more prudent in order to respond to systemic risks, act in emergency situations and be able to temporarily ban toxic products. The third is that it is more sustainable, promoting competitiveness, the internalisation of costs and the prospect of a European crisis management system based on contributions from the financial entities.
The Omnibus Directive makes it possible to launch the authorities by incorporating them into sectoral legislation, specifying their powers and setting out rules for how they will operate. It increases transparency in the exchange of information and cooperation and, at the same time, establishes a deadline for reform in the development of legislative implementation to be completed before 1 December 2012 and for transposition to be done with correlation tables.
I will conclude by thanking all those who made it possible for this package to move forward for their work. Today, we are offering the first fruits, but this agreement marks a watershed in the development of European finance and democracy, because democracy means legislating, supervising and ensuring that the laws are effective. It has also been demonstrated that if we want better finances, we need to follow the path towards greater democracy."@en1
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