Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-01-15-Speech-4-041"
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"en.20040115.2.4-041"2
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".
Madam President, I shall make a few short remarks, firstly on the Kauppi report. Before I do so, however, I should like to join Parliament in congratulating Mrs Kauppi on the birth of her son.
The legal base is an important point. The Commission has founded its proposal on Article 95 because it strongly believes that this measure ought to be adopted under the codecision procedure. However, as Mrs Kauppi predicted, the Council has changed the legal base to Articles 93 and 94. That is very regrettable. It is not the first occasion that the Council has acted in this way. It did so in relation to Directive 2001/44/EC, dealing with mutual assistance on the recovery of tax claims. The Commission and Parliament have challenged this before the Court of Justice, as they have done in other similar cases. The Advocate-General's opinion, however, supported the Council. The Commission nonetheless maintains its stand on the principle, although we shall have to look at the Court's final ruling on the tax recovery case to guide us in our concrete actions on the proposal we are debating today.
Now, I turn to the equally important Purvis report. The development of offshore funds – in particular but not only hedge funds – is a real concern because of the total lack of information for European markets and financial authorities. So we share the concern expressed by Mr Purvis and other Members of Parliament. We have to find a way to tackle that issue. As Mr Purvis said, in the short term it would be appropriate to find incentives to attract offshore funds onshore. But it remains to be seen whether that is necessary in the longer term. I am particularly unhappy that these enormous offshore funds escape our supervision and control.
While on the one hand it is important to have a liquid financial market so that the cost of money is not higher than it needs to be, on the other hand we should not allow this situation to continue unchecked for much longer.
Having said that, the manner in which we tackle that problem is not all that obvious. If Members – Mr Goebbels, Mr Purvis or others – have ideas on how to regulate these offshore funds, then I would be very happy to receive them and return to Parliament at a later stage to discuss them."@en1
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