Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-047"
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"en.20070619.5.2-047"2
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"Mr President, Commissioner, ladies and gentlemen, omissions have been brought to light, the negligence of the company’s managers documented, many loopholes uncovered, 70 conclusions and recommendations drawn and made, all by one committee, and, through this committee on inquiry, the European Parliament has discharged its responsibility. Even so, the report does not resolve the scandal or draw a line under it; rather, it is on the basis of it that measures need to be taken at all political and economic levels affected by this.
The United Kingdom did not adequately transpose the third life assurance directive; the Commission did not adequately monitor that; the supervisory authorities in several Member States did not perform their function in the manner in which they should have done; the company’s management abused the trust of the people who had policies with it; it lied to them, acted in a negligent fashion and checks were not carried out. We have enough on our plate. We should nevertheless make it plain that European law is not the cause of the problem. What is the cause is its insufficient implementation and the absence of political control.
Although I am all in favour of the market economy, Commissioner, the free market should not be used as an excuse. In the new constitution, we have quite deliberately replaced the free market by the social market economy. We have a responsibility to create the necessary framework conditions and to exercise control, with as much of the market as possible, but as much state control as is necessary, and that sort of tension means that this report needs to be used as a means of drawing the necessary political and economic conclusions as regards occupational retirement provision, pensions, guarantees and hence also the issue of what is done with the public’s trust in political and economic measures."@en1
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