Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-04-04-Speech-2-593-000"
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"en.20170404.26.2-593-000"2
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"Mr President, can I join in congratulating the rapporteur, Neena Gill, on this file, and indeed all the other shadows for the work over the course of the last three years in what has proved to be a very controversial and difficult file.
I am glad that we have achieved what I regard as a balanced agreement, on the one hand recognising the potential systemic risk and threat that can in a worst-case scenario come from money market funds, while at the same time, recognising the intrinsic value of these short-term financial instruments to businesses up and down the European Union. I think we have come along way from the original Commission proposal which essentially proposed a 3% buffer, which could at one glance have knocked out, in my own country, EUR 400 billion worth of domiciled funds as a consequence of that very harsh proposal.
We have all compromised in this proposal. We recognise the importance of money market funds for businesses in terms of short-term financing needs, and we also recognise that we are behind the United States, who have already put in place a regulation to deal with this issue. But I should say, as I said in the course of the trilogues, the problem was not in Europe, it was in the United States of America.
I think great political skill was shown by the rapporteur and her team, with my own team, and indeed the team from the Committee on Economic and Monetary Affairs (ECON) in devising this particular solution. We have a framework that allows CNAVs, VNAVs and LVNAVs to coexist together. We have liquidity buffers in place, we have diversification, we have escalated procedures in place, improved transparency, the sunset clause is gone which I am delighted about, and we also have a very strong review when it comes to the question of government CNAVs, but the government CNAVs remain in place.
I believe we now have in place a good package which we can present to the entire financial industry and to the citizens of Europe to make sure that this industry, which is so important to the future growth and development of Europe, remains in place."@en1
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