Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-04-02-Speech-1-038"
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"en.20010402.4.1-038"2
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".
Mr President, Commissioner, ladies and gentlemen, firstly, I am pleased for both rapporteurs that their reports have met with such broad approval, not only in the Committee but also here in Parliament. It shows that we are all of the opinion that an accelerated process of change on the internal European financial markets must also have consequences for our political work. Of course, this was also highlighted in the report by the Committee of Wise Men on European securities markets regulation chaired by Mr Lamfalussy, which we will be debating later on this week.
A second piece of evidence for this change is the exponential growth in the volume of shares, of over 30% each year between 1995 and 1999. This is of prime importance, owing to the strategic significance of well-functioning financial markets for increasing economic prosperity in the EU. When the investment services directive is upgraded, three aims must be taken into account simultaneously: firstly, speeding up market integration; secondly, improving the level of protection afforded to investors, and thirdly, market stability. On the one hand this benefits the markets and on the other it protects investors. In this way, financial stability will be safeguarded in the future.
Two further points, which have also already been mentioned, are of concern to me here. Firstly, a fully operational European passport needs to be created for investment firms. In order to use this opportunity and remove the existing obstacles to its introduction, we urgently need to move over to the country-of-origin principle. For major investors this should happen as quickly as possible and for small investors – Mrs Kauppi has already referred to this – the same principle applies but transitional arrangements will probably be necessary. An additional issue in this context is the harmonisation of conduct of business rules, which is a prerequisite for a healthy internal market.
My second concern is that there should be genuine competition between stock exchanges and trading platforms. To make fair competition possible an appropriate and efficient system of supervision needs to be set up. This should avoid competition being determined and thus distorted by differing rules and the ensuing hunt for the more favourable regulatory framework.
There is a trend towards ever increasing investments in securities – we also talk about this in connection with pension funds – and that is why I would recommend speedy adoption and implementation, hopefully before 2005. This too would be in line with the Lamfalussy report."@en1
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