Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-399-218"
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"en.20121120.28.2-399-218"2
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"Since the start of the financial crisis in 2007, the G20 decided upon a whole series of regulatory measures to make the financial system safer and more sustainable. A great deal of legislation has been developed for the financial sector, but the shadow banking system has lagged behind as regards the changes that have occurred in the rest of the financial system, remaining outside the scope of regulation. With this in mind, the European Commission launched a Green Paper to open discussion on the regulation of this sector which includes activities such as repo transactions, security lending and securitisation. The activity of the shadow banking system could create major instability in the financial markets if left unregulated and unsupervised and, in this regard, the Commission is committed to producing guidelines to increase the overall transparency of activities in this sector and keep the potential for an increase in systemic risk under control. The European Commission is urged to create mechanisms for a better analysis of risk transfer in the financial sector. I voted in favour of this report as it is clear that we need standards to monitor and define rules for the way the shadow banking system operates and provide greater stability, robustness and transparency in the financial system."@en1
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