Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-10-Speech-1-095"
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"en.20000410.5.1-095"2
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"Mr President, like some of the previous speakers this evening, I am very pleased the Council came forward with this proposal. I do not think that it will be helped by the amendments being proposed inside this Parliament today and indeed in our committee. Whatever they say about having had to vote for the report as a whole at the end in the committee, it does not persuade me that some committee members did not also have concerns about the effects of some of those amendments.
Some of the opportunities of this nascent market, which we are now seeing emerge in the European Union, will be affected by some of the suggestions being made. Whereas money supply, of course, is of very direct interest to any central bank, there is in this case no direct inference that it will have the effect that everyone suggests it will have, i.e. that e-money will be anything other than a means of exchange, a redeemable voucher if you like or a mechanism expected to be involved in trade. Because of the very limits that Mr Huhne talked about, this is, of course, very closely controlled by the Council's proposed waiver and particularly by some of the sensible compromises suggested earlier.
I personally, and the EPLP Group, could wholeheartedly support something like the compromise Amendment No 5 which Mrs Kauppi put forward in committee; but I am afraid if Amendments Nos 3 and 4 were adopted here in Parliament this week, we would see this legislation fall. Be in no doubt about that, this legislation would fall. I would worry very seriously about the motives of the people who would like to see this legislation fall, because any vacuum which would be created would be a vacuum the European Central Bank would find itself eased into. As an institution which has kept outside any form of regulation that is decided here or anywhere else, I find that a worrying idea.
Let me ask all comrades and colleagues around this room today to consider the effects of the amendments that could be passed this week, the damage they could cause, the lack of confidence that would surely emerge and the damage it would do to this nascent market."@en1
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