Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-11-16-Speech-4-211"
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"en.20001116.12.4-211"2
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"Mr President, there is a strong case for fast track when it comes to implementing the results of the Basel review on bank capital adequacy. The Americans will be able to introduce its provisions immediately without primary legislation, unlike us, and they will be able to lend more cheaply than European banks. Moreover, Parliament has had ample time to inform itself on the issues with this welcome Villiers report on capital adequacy.
In effect, we are having a first reading before the proposals have been tabled. Some people in this House think that it fatally undermines Parliament's powers. We disagree. Delegating powers over technical matters is essential if regulation is to keep up with the innovations in financial markets, as long as those delegated powers are subject to proper scrutiny.
We are here to use our powers in the interests of European businesses and our constituents, and we shall not be forgiven if we fail to do so. Dogmatically insisting that Parliament should get involved with every technical judgment will simply mean that regulation will be out of date before it even starts. It takes two to three years to pass EU law but only weeks to launch a new financial services product with implications for bank capital, such as credit derivatives. I appeal to all colleagues and particularly to the Socialist Group, to re-examine their views on this matter and look at what safeguards they would like to see in primary legislation to enable the delegation of powers."@en1
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"Maaten (ELDR )."1
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The resource appears as object in 2 triples