Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-01-17-Speech-4-162"
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"en.20020117.9.4-162"2
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"Madam President, Commissioner, I too would like to thank you, Commissioner, for your exhaustive reply. I share your view that substantial progress has been made in the Basle II discussion process so far. Mr Karas, and Mrs Villiers as well, have referred to a number of fundamental problems, especially with regard to the various financing structures in Europe, and we still have a whole range of problems to resolve. You were right to address the problem of internal and external ratings, where we have made progress, but, as you yourself have said, the crediting of securities and the time long-term credits take to be assessed as being of a significantly higher risk are all yet to be discussed in Basle.
What emerged from Mrs Villiers' and Mr Karas' question today was important for me to learn, and so I ask you to add to it. There are two points still outstanding. One of them is, as before, how the Commission exerts influence in Basle – if it sees these problems in the same way that we do; I got that from their answer. You have, admittedly, mentioned the Member States – including Spain, the new one – but, at the end of the day, it is we who are the legislators. What matters is that it be made clear there how we envisage transposition. I would like to have a more definite statement from you on that.
The second thing that interests me is this. We all hope that, in Basle, all the problems that preoccupy us in the parliamentary process here will be solved. After all, we cannot all take part. What happens, though, if they are not solved? What view, then, for example, does the Commission take of something that has fundamental importance for Austria and Germany, namely, how we assess the value of long-term credits, if this problem is not resolved? That is the question that arises in my mind, and there is still the statement by your colleague Commissioner Bolkestein, who is present here, that a 1:1 transposition is imperative. A statement like that leaves us relatively little room for movement in Basle. What ideas are there circulating within the Commission about the introduction of a degree of flexibility here?
At the same time, I would like to add that I would be very interested to know how you envisage the process of transposition. When Basle II is adopted – and you have yourself said that you are aiming for 2005 – it should all happen very fast. What we have heard from the Commission to date is that there will be a framework directive and then appendices to – as it is so elegantly phrased – deal with the technical details, and which will sort out the questions of a system of supervision as well. It will be a very rapid process. I would greatly welcome it if this working party linking Parliament and the Commission could start very soon, in order to get those within Parliament who are interested – and we three from the group of the European People's Party/European Democrats are very much so – involved in the process in good time and thereby avoid various problems with timescales."@en1
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