Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-201"
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"en.20101006.15.3-201"2
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"Madam President, Commissioner, I would like to start by briefly praising Mr Karas’ excellent work. I was one of the people who were in favour of an own-initiative report being produced before the Commission makes its proposals on the framework for transposing the Basel Agreement, and I am delighted that the work done by Mr Karas with the help of the various shadow rapporteurs has highlighted the main points for consideration.
I will not repeat them here, Commissioner, and of course I welcome the points you make and your determination to ensure that this regulatory framework is effective and workable and above all that it creates no distortion of competition at international level.
To move on to a different subject, I cannot help noticing that there is often a big difference between the statements that are made publicly and the commitment to these in practice. I also note that countries outside the European Union, and I am thinking of the United States in particular, have an irritating tendency to make value judgments about how we operate, whilst they themselves are not putting the systems into practice as they ought.
As regards Basel, it is vital that European companies are dealt with on an equal footing and are not penalised more than US companies. In the United States, few banks are taking notice of these directives or of the Basel Committee and, at present, nothing is actually being put into practice. I would hate to see the provisions adopted in June to regulate US finance – the statements made about these exaggerate their real impact – being used as a legal basis for not applying the provisions which might be introduced by bodies outside the United States.
Commissioner, I trust in what I know to be your total determination and vigilance to ensure that this does not lead to a distortion of competition for the French banks, the European banks, and for those who finance the economy in general. It is right that we should be steering the banks back towards their primary role of financing economic development, but we must make sure that they are not penalised disproportionately."@en1
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