Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-07-06-Speech-1-062-000"
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"en.20150706.12.1-062-000"2
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"Mr President, my congratulations go to the authors. We have a good paper that demonstrates, in a clear way, the priorities of Parliament on CMU – to increase growth and jobs across the EU – and, more critically, that underlines that growth has to be sustainable and should not prejudice financial stability. I support the emphasis on timing. Given that CMU should have been in place a decade ago, it is high time that we step up a gear on this. Commissioner, you said that in the autumn we are to receive two new regulations on securitisation and the Prospectus Directive. We eagerly await those.
However, there are many difficult political obstacles that we need to tackle, and many colleagues have referred to them: the lack of consistent implementation by Member States, the 29 different tax regimes for debt, and likewise for insolvency procedures. Does the Commission have any plans to tackle these in the near future?
Furthermore, if we are going to review the CMU over the next four years, is it not an omission not to address the technological innovations in the financial sector? This is evolving very fast, but the regulators and legislators are not keeping up with it. We also have to acknowledge that confidence in the financial services has taken a knock. Perhaps the events of yesterday evening, with the Greek referendum, are not likely to shake that.
So how do we restore this position? One way could be if the Commission came forward with an ambitious retail package, tackling the cross-border obstacles that citizens and businesses are faced with in financial services. Many procedures remain a nightmare for retail investors and businesses alike. Let us not forget our overall objective, which is to make the EU an attractive place to do business."@en1
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