Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-15-Speech-4-097-000"
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"en.20111215.5.4-097-000"2
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"Madam President, good competition policy should ensure the right environment for an innovative business culture which, in turn, will yield sustainable economic growth. We need to ensure that the EU single market becomes a competitive and dynamic place to do business again.
One area where we must move cautiously is in the development of an increasingly complex regulatory environment, especially for global financial services, where reducing risk needs to be balanced with damaging our global competitiveness. We should only regulate where there has been a proven need and with proportionate measures.
An example would be the G20 agreement to better regulate the world’s derivative markets. However, when we mandate the use of post-trade activities, such as central clearing, we need to ensure that we are not now mandating a new EU monopoly of service. With increased competition comes natural fragmentation of the market, which is then often followed by a wave of consolidation. We are seeing this trend in the plethora of training venues which emerged post-MiFID (Markets in Financial Instruments Directive) and are now witnessing market consolidation amongst exchanges and Multilateral Trading Facilities.
Legislation needs to be able to withstand these market trends and, where it cannot adequately do so, DG Competition will need to protect Europe’s competitive landscape. We need to ensure effective competition policy at all times so we can encourage new entrants and innovation. This is the only way we will grow."@en1
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