Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-14-Speech-1-198"
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"en.20100614.25.1-198"2
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"Madam President, first of all, I would like to thank my fellow Members who helped me to draw up a very wide-ranging report following the Commission communication for their willingness to compromise and for the fact that we did not simply agree on a minimum-level solution, but on workable compromises.
However, I would also like to thank Commissioner Barnier for the fact that he now wants to do something practical in this regard. Mr McCreevy – your predecessor, Mr Barnier – needed to be goaded into action. In your case, we are certain that you will submit proposals for the regulation of the financial markets quickly, reliably and correctly and be able to implement them together with us. All I can say to you is that you are doing the right thing by not waiting for the last one in the convoy or the disruptive influences in the Council. You have Parliament fully on your side with a clear and fair regulation of the derivatives markets.
We adopted the report in committee with a broad majority – 43 in favour, 1 against, 1 abstention – and some of the professional observers from other Member States were surprised that, following the controversial debate, a regulation was produced that received such a high level of support. Everyone tried to find suitable compromises, even with regard to the two points that up to now had been contentious: governance, the conditions for the clearing houses and, secondly, the wording concerning the third states regulation, on which we have had intensive and contentious debates. You have today set in motion a public consultation procedure with regard to two sub-areas – the documents have been available since this afternoon – these areas being, firstly, short selling and, secondly, derivatives and market infrastructures. I believe that we need more stringent rules in this regulation and, now that the first part of the financial market crisis has to some degree been overcome and the second part is before us, that we should not allow an enormous market encompassing twelve times the gross world product to remain unregulated. This includes the OTC derivatives, but it also includes other points, and we all know that this is only part of the financial market regulation, not all of it.
A financial market crisis and derivatives that are not traded on the stock exchange have doubtless made the crisis worse. The accounting rules from the United States and the netting in internal banking operations have obstructed transparency, and the credit default insurance on government bonds, in particular, has fallen into disrepute.
In the case of Greece, too, there is no proof that credit default swaps have caused the crisis. On the contrary, it is quite clear that it is not speculators, but the debt problems of the Member States that are the primary cause. Thus, we will only be able to solve the problem if we solve the debt problems.
We have identified another problem from the experiences of the past few years, and that is that the market power of the six largest institutes is a problem. These six largest institutes – of which three are from Europe and three from the United States – are responsible for 80% of the derivatives market. We remember the experience of 1992 when there was speculation against the British pound and when, under the name of Soros, the accession of the British pound to the euro was prevented, and also the past experience of individual campaigners, who noticed at that time that some central banks had to use up all of their resources.
The market needs rules. It must be strictly regulated and the decisions of the Committee on Economic and Monetary Affairs comprise a total of 48 individual points: standardisation of derivatives, trade repositories, the establishment of central counterparty clearing houses, use of organised trading venues, enhancement of market integrity and market oversight, derivatives for companies and end users must be regulated separately and we need the aforementioned ownership rules.
Finally, I would like to assure you, Commissioner, of the unconditional support of Parliament with a broad majority. Do not sit at the back and follow everyone else, but be at the forefront and you will have us at your side."@en1
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