Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-03-Speech-4-486-000"

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"en.20110203.25.4-486-000"2
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"( ) The recent financial crisis has highlighted major weaknesses in financial supervision, both in individual cases and in relation to the financial system as a whole. Models of supervision have had a national perspective and have not adapted to the globalisation that has occurred within the financial system, in which various financial groups conduct their operations across borders, with the systemic risks that this entails. There has, therefore, been no cooperation, coordination or consistency whatsoever in the application of EU legislation. The creation of a European authority for the insurance and occupational pensions sector is essential in order to achieve an effective supervision model, alongside many other monitoring mechanisms, to be decided on and implemented as a matter of true urgency. Naturally, I am pleased that a Portuguese, Gabriel Rodrigo Ribeiro Tavares Bernardino, has been nominated as first Chair of the European Insurance and Occupational Pensions Authority. I wish him the greatest happiness in carrying out his duties."@en1
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