Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-01-14-Speech-2-250"
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"en.20030114.7.2-250"2
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"Mr President, I would like to congratulate Mr Andria on his excellent work, first of all, and secondly on his political courage in this difficult matter.
From the start, in the action plan for the financial market, this matter of clearing and settlement did not receive the attention it deserved and we therefore now need to remedy this omission.
Post-market infrastructures do indeed play a fundamental part in the proper conclusion of transactions. You spoke of trust and security. Systemic risks are also inherent in this type of activity which therefore clearly fall within the scope of general interest. On the other hand, these activities have an increasing return. It is for these two reasons that, based on experience, a public interest regulation is vital. We know, however, that these regulations exist at national level, as well as at European level, and fragmented infrastructures and rules predominated until recently. That is why it is time to establish a legislative act in accordance with our objective of building the internal market. We can see, however, that in the absence of appropriate legislation, the current development is biased and dangerous, as bodies are being formed which carry out both clearing and settlement activities and competing banking activities, with no general interest framework and apparently at risk of distorting competition.
The rapporteur is therefore quite right, for reasons of both content and experience, to choose a public service line, or, I should say, public utility line
the terms are not important – in the United States they talk about public utility, it amounts to the same thing. Hence the proposals to separate non-profit-making activities from fee systems based on costs.
In conclusion, I shall say that now is the time to legislate. I do not understand why we should consult again. We have clear positions from the rapporteur which Parliament should adopt without sugaring the pill in order to achieve a positive line. We believe that the Commission should now, for the sake of the credibility of all our work, prepare the draft directive."@en1
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