Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-01-17-Speech-4-163"
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"en.20020117.9.4-163"2
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". – Madam President, I will be brief because I spoke for too long in my first speech. I would like to underline that I spoke on behalf of Commissioner Bolkestein who is responsible for these issues.
I should like to make three points. The first is the influence of the European Union in the Basle Committee. I mentioned the global framework. Nine out of 13 members of the Basle Committee are members of the European Union. The Commission and the European Central Bank are involved in its debates. We have the opportunity to convey the European Union's points of view in the debates and in the Basle Committee framework. Thanks to the coordination of our positions, we influenced the debates in the Basle Committee, in the areas of review of the capital requirements applicable to lending to SMEs and the wider issue of recognition of collateral. Those are two examples where our proposals did play a major role in the debates on the Basle Committee.
Secondly, creating compatibility between flexibility and transparency is a key issue for the credibility of the overall system. It will be necessary to establish not only the relationship between the minimum capital requirements of the institution and the risks that such an institution takes on board, but also to guarantee that there will be transparency in the criteria that are used by the supervisory bodies of the Member States. That is why the financial services action plan is seeking a certain degree of convergence of the supervision in order to guarantee that flexibility in the application of the system will not detract from the necessary transparency and the outside control of the way each system acts.
Finally, let me ask you to save your more detailed and technical questions for my colleague, Mr Bolkestein. I am sure he will be willing to give you full and comprehensive answers. I do not dare to go any further than this because let me remind you that the last Renaissance man was Leibnitz and he died some years ago!"@en1
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