Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-03-14-Speech-3-254"
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"en.20010314.9.3-254"2
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"Mr President, Commissioner, it must be rather dull to listen to these speeches here at this time of the evening, particularly when we are so unanimously agreed in matters. There is certainly a lot that is being repeated in these speeches.
I, too, think that the Committee of Wise Men, chaired by Baron Lamfalussy, has done an exceptionally thorough job. The committee’s proposals form a coherent whole and also contain some practical and concrete measures to bring the system into effect. It is generally rare in politics to make such clear proposals and I thank this committee for them.
We members of the European Parliament agree fully with the view that it is necessary to make regulation of the securities markets more efficient and faster. This is a requirement that we should propose if we want to achieve a genuinely viable European internal market for financial services within the next few years. We can never achieve the ambitious aims of Lisbon if the reform of one directive on the financial markets is to take ten years, as has tended to be the case with the present system, if we take the UCITS directive as an example.
Parliament alone cannot be blamed for the present system’s shortcomings, however. Parliament has taken its role as the EU’s second legislative body seriously and responsibly. During this parliamentary term in particular we have shown that there is no conflict between safeguarding Parliament’s powers of influence and adequate democratic control, on the one hand, and the call for greater speed and efficiency, on the other. Parliament’s principal task is to determine what the core political questions are, and not beat around the bush. For that reason, delegating the responsibility of technical legislation to the committee to be set up is basically not a problem for us. The bosses do not do the work of the secretaries, and
In the codecision procedure Parliament and the Council are the bosses and all the others the secretaries. This, however, does not weaken the demand Parliament is making in plain terms in the form of the ‘callback’ mechanism. Parliament must have the legally binding right to refer a matter back for further consideration if things are moving in the wrong direction.
Parliament is not the only institution that wants to ensure it is safeguarded in this way; the Council has also expressed a similar need to safeguard its own position with the help of the ‘aerosol clause’. This sort of system, which would take the concerns of both Parliament and the Council into account, must also be created on the basis of the Lamfalussy report."@en1
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