Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-03-13-Speech-3-333"
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"en.20020313.12.3-333"2
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"The lack of momentum at the Barcelona Summit has been very frustrating. In my view, we are proving in the European Parliament today that we have indeed made progress, and I believe the Commissioner will be pleased about that. I wish to focus on the report by Mr Lipietz. I would also like to congratulate him on his report on financial conglomerates. This is something in which we, in the Netherlands, have a great deal of experience.
But, I should like to make a few general observations in particular. We, in the Netherlands, have been struggling for some time with the issue of supervising dynamic developments within the market at both cross-border and cross-sector level. The problem is how to tailor this supervision to these dynamic developments. For the time being, the Financial Services Action Plan has settled for the approach of streamlining the rules of the different supervisory authorities in the Member States as much as possible, and working towards a level playing field within the markets on that basis. In this pragmatic approach, it is appropriate to leave it up to the Member States to decide on how they will organise their supervisory structure. I see this very much as an interim solution which also has some drawbacks. However, it is important in my view to focus on the future solution, future supervision, which will need to take place at European level. This structure will need to become more efficient, more transparent and less decentralised in order to be truly effective. It is impossible to regulate everything down to the last detail. In the Netherlands, we have a great deal of experience with an approach whereby the supervisory authority has a reasonable amount of discretionary power. However, this approach will cause problems if it has to be approved cross-border for other Member States, to cater for the large quantity of existing authorities. I therefore believe that we will have to hold a debate after all, about a strong, European supervisor, and we will also need to find out how we will distribute this task, and whether this will indeed be done at sector level. In my view, this comes too late, but we may ask whether we still nevertheless need to draw a functional distinction between supervision of conduct and prudential supervision. The role of the European Central Bank should also be considered in my view. I understand that in these circles, more thought is now also being given to a possible role in supervision. By way of conclusion, I should therefore like to propose that both the Commission and the European Parliament take initiatives for such a far-reaching discussion."@en1
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