Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-24-Speech-4-253-250"

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"en.20110324.22.4-253-250"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. The creation of a European authority for the insurance and occupational pensions sector is therefore 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. I am therefore voting in favour of the choice of Mr Montalvo as Executive Director of the European Supervisory Authority (European Insurance and Occupational Pensions Authority), and I wish him every success in carrying out his office."@en1
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