Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-879"
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"en.20100922.20.3-879"2
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"The recent financial crisis has highlighted major weaknesses in financial supervision, both in individual cases and in relation to the financial system as a whole. Supervision models had a national perspective and did not adapt to the globalisation that has occurred within the financial system, where various financial groups conduct their operations across borders, with the systemic risks that this entails. There has, therefore, been no cooperation, coordination or consistency whatsoever in the application of EU legislation. Hence, the aim of this directive is to improve the functioning of the internal market by ensuring a high level of supervision and prudential regulation, and by protecting depositors, investors and all beneficiaries. It is therefore crucial to safeguard the integrity, efficiency and smooth running of financial markets, to maintain the stability and sustainability of public finances, and to strengthen international coordination and cooperation in the field of supervision. The creation of the European Financial Markets Authority is essential to achieving an effective supervision model. However, many other steps need to be taken to prevent a recurrence of the truly immoral situations of the recent past, which have damaged economies, shareholders, depositors, taxpayers and the credibility of the system."@en1
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