Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-244"
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"en.20100922.20.3-244"2
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"I voted in favour of the excellent report by Mr Garcia-Margallo, which makes up a significant part of the financial supervision package. Our crystal clear demands – two years after the start of the global financial crisis – characterise an ambitious project. The future European Banking Authority (EBA) will combine the controlling bodies of the national financial service providers. This is an essential prerequisite for getting the closely intermeshed financial markets under control. Mandatory technical standards must be developed in order to create a uniform European body of legislation. The goal is to prevent distortions of competition on the financial markets in an effective manner and to put a stop to excessive speculation. Financial market transactions must become more transparent. For this, we need to monitor risk products such as derivatives and short selling. For the sake of consumers and small and medium-sized enterprises, it is not acceptable for players to largely conceal, unchecked, their activities from financial market supervision. We MEPs have made good use of the political weight that we have had since the Treaty of Lisbon entered into force on 1 December 2009. We have shown cross-group unity and have found solutions that make European added value clear. No crisis can be solved by states going it alone. It is time for effective banking supervision that at any time prevents – as Commissioner Barnier said – a crisis becoming a disaster."@en1
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