Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-081"

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"Madam President, first of all, I would like to thank my fellow Members who have participated in rather tough and lengthy negotiations here. It is a tremendous achievement by the rapporteurs and shadow rapporteurs to have managed to do what they have done. They achieved the best result that it was possible to negotiate. Nevertheless, I do not want to hold back on the criticism that my group has, either. There are three points in particular that we are not happy about. On the one hand, the competences that have been granted to the supervisory authorities are, in our view, inadequate. We would have liked these competences to have been more extensive. We believe it is also wrong for the supervisory authorities to be split over several locations. We advocated combining them as far as possible in one location. That would certainly have made cooperation easier and more efficient. Mr Giegold has already mentioned that the staffing could, and should in fact, be improved in the long term. These are our main points of criticism. Nevertheless, we believe this to be a right and important step in the right direction, a right and important step towards a new regulation of the financial markets that is urgently needed. However – and this is simply our assessment – we still need to take some further steps in order to arrive at a truly effective new regulation of the financial markets, to get to a point where, through European regulations, we can prevent another crisis like the one we have just experienced. Our group will contribute greatly to this. There are, of course, a few more legislative initiatives on the way. We hope that these will bring more substance to this matter. If so, something truly effective and good could come of this. However, we really do still have a few more steps to take in this regard."@en1
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