Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-01-Speech-1-082"
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"en.20030901.6.1-082"2
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"Mr President, Commissioner, ladies and gentlemen, as well as thanking Mr Radwan, the rapporteur, there are five aspects I would like to address.
The first is that we are discussing an own-initiative report that the Committee on Economic and Monetary Affairs has adopted unanimously – my colleague Mr Rübig will have something to say about what went on in the Committee on Budgets. By this we are clearly showing that we are alongside the people and that we act when necessary, that is to say, when it is time for us to speak up and get things done politically, rather than waiting until draft directives are on the table.
Secondly, this parliamentary initiative is being taken before the Basel Committee adopts any resolutions and before the presentation of the draft equity capital directive to stabilise the financial markets, and it should have just as much long-term influence on these two events as what we have done to date in the aftermath of Mrs Villiers’ report.
My third point is that we have indeed achieved much already for small and medium-sized enterprises such as banks, and much towards greater transparency in the political debate on this chapter, and much to reinforce European self-confidence in the Basel Committee.
Fourthly, though, the fact that we have not yet reached our objective means that we have no shortage of
demands to make: first, for the adjustment of the one million retail ceiling in line with the annual inflation rate; secondly for the deletion of the 0.2% granularity criterion; thirdly, for the recognition of physical collateral; fourthly, for acknowledgement of the specific financial situation when enterprises are set up or businesses are taken over. Fifthly, an unwarranted administrative burden, with resultant additional costs, devolving upon banks, must be avoided; our sixth is that the transparency of rating criteria should be guaranteed; our seventh, that rating should assess research activities and expenditure on investment in a positive light, and, finally, we call for the study on the effects on small and medium-sized enterprises to be produced and for it to be incorporated in the Commission’s proposal.
The fifth area demands something of us. There is still work for policymakers, banks and businesses to do as we prepare for Basel II and the directive. A transparent partnership must be created or extended. All three of them need better framework conditions, and so I am also glad that the Austrian tax reform reduces the tax burden when profits are not withdrawn, as this strengthens equity capital."@en1
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