Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-20-Speech-3-292"
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"en.20021120.8.3-292"2
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"Mr President, like many of my colleagues I am pleased to note that the recommendations in the report by Baron Lamfalussy have been implemented. There is certainly a need to extend them to other financial sectors and to include appropriate provisions in the Treaty for this. But before taking this step, a proper assessment must be made of these measures in the light of experience.
The issue of secondary legislation was also noted in the Convention Working Group on Economic Governance, of which I was a member. The Hänsch working group and later the plenary Convention meeting noted that this raises horizontal questions in the area of comitology, such as the role of the European Parliament, which go beyond the terms of reference of the Hänsch working group and should therefore be addressed by other groups. We are expecting the Convention to look at the issue in the near future.
In the Hänsch working group, MEPs like Mrs Berès and I tried to secure an agreement from the working group that the Treaty should be amended in order to give Parliament a formal call-back right within the framework of this procedure. I challenge Mr Bolkestein's view that it is impossible for the Council to give us a political commitment. If there is enough political will in the Council, anything is possible. It is nonsense to say that Treaty changes can only be made in the IGC. That is legal mumbo jumbo. If there is a real political will in the Council, it can be done. I still feel that Mr Petersen could be more precise in his words.
The Lamfalussy procedure should also be taken into account in the national development of the financial services sector. We also need more transatlantic dialogue in the financial services sector at a legislative level. That is very important. I would, in addition, like to emphasise the role of consultation. Consultation processes, as Mr Herzog said, must be formalised and as transparent as possible.
I endorse our rapporteur's point about the enabling clause. If it were to be decided that we need a supranational financial supervision authority, that possibility needs to be provided for in the Treaty after the Convention at the next IGC."@en1
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