Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-120"

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"Mr President, Commissioner, the vote taken within the Committee on Economic and Monetary Affairs, on which the committee was divided and following which, in fact, 133 amendments were reintroduced in plenary, is more than enough evidence of the differences in the approach to this draft directive. In our group, we are interpreting it in the following manner: the main aim of this directive on occupational pension funds is to eliminate all the conditions restricting financial institutions, particularly in the choice of financial shares, with the exception of general prudential rules of a so-called qualitative nature, and the principle of mutual recognition will be fully applied in addition to these rules. We are faced with a situation which is well-known in the establishment of the internal market. As for the degree of harmonisation or integration, or even the degree of liberalisation and openness that is desired, but with regard to what Fritz Scharps calls positive integration not going as far as the objective of liberalisation, from this perspective, I would simply like to bring up three points which we feel are particularly important. the problem of cover for risks as such, what are known as biometric risks: we support Amendment No 108, tabled by Mr Herzog; the problem of tax competition – as in Amendment No 117 – another example which shows that we are making further and much quicker progress towards integrating the markets without any previous tax harmonisation: we are unable to support this point of view; the question of covering risks with capital, which relates to Article 18 of the directive: Amendment No 116, which was tabled, is, in our view, a reasonable amendment. Our political assessment of this draft directive is, therefore, that once again it has shifted away from its objectives, which are not just the unity of the market but social cohesion and solidarity as well."@en1

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