Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-130"
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"en.20050427.12.3-130"2
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".
Madam President, I should like very sincerely to thank and congratulate Mrs van den Burg on her report. I thought we worked well as a committee to reach a reasonable and balanced template for the future of Europe’s financial markets. The industry and all three European institutions have undergone a stressful five years of legislation in this area, and the most stressful stage, for the industry at least, is probably still to come.
The result is certainly not perfect, and it certainly does not please everyone. However, in our Group we are all agreed that breathing space is now required to see these 40-plus directives properly implemented by transposition into national legislation, and to build up experience of their operation. Furthermore, the industry needs time to digest these often substantial changes to its ways of doing business. This will inevitably take time: it would be foolhardy to rush into further changes until we see how these work out in practice. After completion of the few remaining Financial Services Action Plan matters, there may be one or two other areas which need legislation – asset management may be one. Nevertheless, the Commission and this House need to be very careful that any such legislation really is necessary, justified by cost analysis and can be delivered usefully. Whenever possible, non-legislative improvements would be our preferred route.
The Lamfalussy process has a key role in ensuring that the FSAP legislation works for the benefit of both financial services companies and their customers. It is vital that transposition be implemented on-schedule and accurately, and we will expect the Commission to keep an eagle eye on this, because we will be keeping our eagle eye on the Commission. We will not hesitate to use our rights of challenge under the Lamfalussy process if we see the need.
We have made major strides towards an integrated European financial services market. In time this will be of great benefit to our economic prospects by providing the competitive capital market that Europe needs and which we are striving to achieve. There are not many other projects that will contribute as much towards achieving the Lisbon goals. It is now our duty to see that these matters are honed and perfected as they come into operation. It is now our duty, the duty of the Commission and the duty of the Member States to see that the financial services industry is given our full support in providing the essential ingredients of a successful European economy."@en1
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