Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-061-000"
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"en.20110704.20.1-061-000"2
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"−
Mr President, I am grateful to everyone who spoke in support of Mr Stolojan’s position.
I should like to make a few comments and clarifications. Firstly, I should like to thank Mr Skinner for his very competent treatment of these issues. Like you, Mr Skinner, I believe that this text will do much to enhance supervision at a global and consolidated level. Like you, I believe that this is part of the G20 programme that I have often mentioned here before you – Mrs Băsescu referred to it a moment ago. No operator, sector or product should escape effective regulation and intelligent supervision. Mr Siekierski, just now, also raised this point concerning global supervision.
Mr Skinner, regarding our discussions with the United States, I have told you how much time I am spending on this issue; we are making progress point by point, and we are doing so with a great deal of confidence but without being naive. The text on derivatives that we discussed earlier with Mr Langen was the subject of many technical discussions with the US regulators throughout summer 2010.
On the subject of our discussions with the United States, firstly on the substance, Mr Skinner, I can assure you that these discussions are extremely rich and intense and that no stone has been left unturned. When I met the US authorities and the US minister, I made clear reference to this particular point on conglomerates by explaining that we were going to look in depth at this issue, which is specific to Europeans.
These issues, Mr Skinner, are formally dealt with in the Basel Committee’s Joint Forum, not in the context of the transatlantic dialogue, and that makes a certain amount of sense, in practice, as financial conglomerates are global players. Here too, we are monitoring this work very closely. Mrs Bowles mentioned the result – a positive one, thanks to you – achieved with regard to correlation tables and their inclusion in the text, as we had requested.
I wish to voice my agreement with Mr Giegold on the need for consolidated global supervision. This issue of the Joint Committee, which Mr Morganti too raised, is important. I should also like to tell him that we have together scheduled a review for 2012, and even for 2013; we will do everything we can. Mr Giegold, these amendments that you are going to adopt are only the first stage. We must continue to strengthen the legislative framework for conglomerates, particularly in the text of the supervision package, and the role of the Joint Committee, and this in the light of the lessons that we could learn, in a few years’ time, from the application of the Capital Requirements Directive 4 (CRD 4) and the Solvency II package.
Consequently, on this very important issue, which is specific to Europe but which affects powerful businesses, I am happy to continue our dialogue on strengthening the supervision of these conglomerates in other debates, as I just said, in 2012 and 2013, and like Mrs Bowles, I hope that we can do so as boldly as possible."@en1
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