Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-18-Speech-1-109"
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"en.20021118.6.1-109"2
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"Madam President, ladies and gentlemen, financial conglomerates can give rise to whole new combinations of risks, and that is something to which we must of course respond. A number of European countries, such as Great Britain and Sweden, have overall financial supervision and have already had good experience of how it works.
Overall financial supervision makes it possible to deal with the same risks in the same way. That represents progress towards greater competition neutrality on the financial markets. Supervision of this kind also continues to guarantee that consumers and workers are better protected when such conglomerates collapse.
Across the world, the financial markets have moved closer together. This became clear when it was via the financial markets that the American economic downturn was transported to Europe faster and with greater force than even the experts had reckoned with.
What is true of economic downturns is also true of crises in the financial markets: neither is now a merely regional problem. Supervision of financial conglomerates has as its objective greater stability on the international financial and capital markets. It must, however, be borne in mind that cannot be achieved only by means of a regulation covering only the territory of the European Union. I do think that the directive will lead to discussion in the Member States as to what the ‘right way of implementation’ is, as, on many points, it makes no provision for specific rules, allowing instead wide-ranging discretion for the national supervisory authorities. It is positively dangerous for a directive primarily intended to apply to conglomerates that operate internationally to be transposed into national law in different ways from one state to another. This will involve national law on supervision imposing responsibilities on conglomerates or removing them from them, and this will affect competitiveness to a high degree.
Finally, I would like to express my concern that, by sorting out questions of detail, the Supervisory Authorities' Committee will end up leaving a decisive mark on the substance of the law on supervision, and that this means that what Parliament wants becomes less important."@en1
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