Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-02-05-Speech-2-034"
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"en.20020205.3.2-034"2
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"Mr President, on behalf of the British Conservatives and the rest of the PPE-DE Group I would like to say that we strongly support the compromise set out in the von Wogau report and reiterated by Mr Prodi this morning. Parliament has secured significant concessions on transparency, on consultation and on oversight. Parliament's rapporteur is to be congratulated for securing those. Parliament should also express its appreciation to Mr Bolkestein and his staff, and to the Commission, for responding to the concerns that we raised about these matters. Mr von Wogau deserves much praise for drawing to a conclusion the lengthy negotiations that we have had on this important issue.
We in Parliament have taken a pragmatic approach. This is a workable interim solution pending final resolution of the whole matter of delegated legislation in 2004, when Parliament could and should ask for a legally binding call-back mechanism, which is desirable but, sadly, not permissible within the terms of the current Treaty and arrangements. It is of vital importance that Parliament backs this compromise when it votes at 12 noon today, because without it we will not be in a position to deliver an integrated financial market – whether in 2004, 2005 or indeed ever. That financial market is not just of interest to bankers; it could also lead to cheaper prices and a wider choice of financial products for consumers and businesses, cheaper borrowing, higher returns for savers and investors, as well as doing a great deal to start defusing the pensions time bomb. All these are highly significant benefits to the ordinary people who elected us to serve on their behalf.
Accepting this compromise will bring us considerably closer to achieving our goal of an integrated financial market and delivering those benefits to ordinary people right across the European Union."@en1
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