Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-02-14-Speech-3-324"
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"en.20010214.9.3-324"2
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". – Mr President, the directive on the reorganisation and winding-up of insurance undertakings fills a major gap in the European Union's financial services legislation. It is a top priority in the creation of a fully integrated market in financial services, as pointed out at the Lisbon European Council.
It will ensure mutual recognition of legislation and proceedings as well as an appropriate level of protection for policy holders. It will avoid conflicts of jurisdiction and the unequal treatment of insurance creditors. The result will be quicker procedures and more protection for policy holders. The Council’s common position, which has been submitted for consideration to Parliament, is fully consistent with the essential objectives pursued in the Commission's original and amended proposals. It is also consistent with other legal instruments on winding-up and insolvency agreed within the internal market.
I would like to thank the Economic and Monetary Affairs Committee and especially the rapporteur, Mrs Peijs, for their judicious and efficient handling of this file. They recommend that the text of the common position be kept as it is without any amendment. They have considered that the objectives pursued in this area have been duly preserved through the common position. They have understood that the difficult balance reached on this technically complex text, after so many years of discussion, should not be put in jeopardy. I fully share their opinion.
The Commission invites the plenary to follow the recommendation of the Economic and Monetary Affairs Committee and to approve without amendments the entire text of the common position. This directive symbolises European cooperation, and the calmness of this moment in the plenary does not, in my view, reflect the magnitude of what is actually happening here. It is very clear that it takes a lot of time and seems very complicated now and then, but at the end of day our cooperation produces solutions to problems that can only be solved through systematic cooperation. So the system works."@en1
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