Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-376-390"
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"en.20110511.28.3-376-390"2
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"I voted for Mr Fox’s report. As shadow rapporteur for the Group of the European People’s Party (Christian Democrats), I should point out that the excellent outcome achieved at the final vote highlights once again the close cooperation between the political groups. We therefore successfully prevented the European Parliament adopting a position geared too much towards mandatory regulations on corporate governance. It is of paramount importance that our group promotes a balanced approach to resolving the global financial crisis. This is why we must avoid introducing barriers in financial institutions. The final report attaches greater importance and gives more power to the role of the European Supervisory Authorities. The most important compromise involves putting the ‘comply or explain’ principle and the mandatory regulations on an equal footing. I think that regulations should be introduced only when the codes of good practice fail. The approach based on the ‘comply or explain’ principle is proportionate and can be applied to a large number of financial institutions. At the same time, however, this must be supplemented by regular external evaluation and appropriate regulatory supervision."@en1
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