Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-168-000"

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"en.20110510.60.2-168-000"2
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"Madam President, I voted in favour of this report because I am absolutely convinced that we need to control European investments abroad at a time of great crisis and economic uncertainty. In fact, with the entry in force of the new Treaty, responsibility for the protection of investments passes from the Member States to the Union. I hope, however, that the Commission will submit a report in September that sets out strategies on this issue. We must regulate the transition phase and it is essential that, through an authorization process, the bilateral investment treaties (BITS) concluded by Member States are respected and that they are allowed, under certain conditions, to renegotiate existing BITS or finalise pending ones and to enter negotiations for further ones. Legal certainty remains, however, a relative term as long as the transition of the investment protection regime is not completed and expiry dates are not set for Member States’ existing BITs. A transition period is therefore necessary to manage this change and, in order to avoid legal vacuums, the regulation in question leaves the management of the Treaties to the Member States. In light of what I have said, I reiterate my hope that the Commission will set out the appropriate strategies in short order."@en1
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