Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-323"
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"en.20030923.11.2-323"2
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"Mr President, ladies and gentlemen, Commissioner, the report we are debating concerns one of the most central issues of the economic unification of Europe, the unification of the financial markets. The principle that a large financial market offers greater liquidity and greater economic weight is well known. It can also offer greater competitiveness and, consequently, better prices to transacting parties. In this way, it encourages investors and investments and an increase in investments has an obvious economic importance on which we all agree. Our group is aiming for the maximum possible employment which can be created by increasing investments.
The Commission proposal is based on the unification of the financial markets, on the so-called ‘European passport’; in other words, it offers investment banks the right to develop their activities in all 15 Member States, provided they comply with the rules of approval in just one Member State rather than in 15. But the Commission has complemented its proposal with the thought that, if a financial market really is to be able to operate without frontiers, the transacting parties must feel the same security wherever they place their money in Europe. This thought has given rise to regulatory rules common to everyone, which the Commission is also introducing in connection with the exercise of activities in a fair and transparent manner, the integrity of the market and the rights of investors to proper, honest treatment by banks and financiers.
Rules always regulate conflicting interests. The interests are fluid at the moment, because technology and the concentration of banking capital in large enterprises are creating new conditions, conditions under which banks are turning into stock exchanges with internal transactions and the stock exchanges are turning from infrastructures into companies. Thus, there is a risk of multiple fragmentation of the market which the directive, in one of its most controversial provisions, is trying to overcome, by forcing investment banks to communicate with the market transparently and before and after their commercial transactions are closed.
Generally speaking, the Commission proposal has again struck a good balance between the various interests and technological developments. The debate and the amendments by the Committee on Economic Affairs in general reinforce the Commission's work, thanks to the huge contribution by the rapporteur, whom I want to congratulate on her endeavour and her conciliatory approach. I hope that this conciliatory approach will prevail until the end and that the amendments proposed by our group will be supported, so that the report can be approved by a large majority."@en1
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