Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-939"
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"en.20100922.20.3-939"2
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"I am delighted to see the commitments taken by my political side during the financial crisis broadly supported by the European Parliament. It was imperative for us to review the European System of Financial Supervisors. The lack of coordination between national supervisory bodies increased the future risk of financial institutions failing. By establishing three new European authorities responsible for supervising how banks, financial markets and insurance and pension companies operate, we have set up a comprehensive framework for financial supervision. In this way, banks will be regulated by the European Banking Authority in a standard and coordinated fashion. With real coercive power, the latter will have the last word in the event of a disagreement with national bank regulators. Ensuring financial institutions are solvent and enabling more transparency in financial markets and products will also guarantee improved protection for investors, businesses, savers and consumers. This new tool will therefore not be the privilege of a few financial experts but will well and truly be for everyone’s benefit."@en1
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