Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-131"
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"en.20050427.12.3-131"2
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".
Madam President, Commissioner, ladies and gentlemen, here we find ourselves at a gathering which, I believe, we must also examine in the light of our global strategy: the Lisbon Strategy. In reality, if we want this strategy to succeed, we require financial markets capable of financing the needs of our economies. That is the challenge we face; that is why, for the past five years, we have been striving to implement this Financial Services Action Plan; and that is why we believe we must go forward.
Many have said it and many continue to say it: we require a break in legislation. Commissioner, I am aware of your attachment to this undertaking. Everyone agrees, however, that there are two or three issues that we will obviously need to take further. Amongst these issues, I note that Mr Purvis has just raised that of asset management. Allow me to mention two others with which you are well acquainted. First, the issue of the database and all the difficulties that lie in implementing a genuine database that respects consumers’ rights; that is one of the key elements if we want to see our efforts in this area crowned with success. After having legislated on investments, there then comes the issue of the post-market situation, which, I imagine, will keep us extremely busy in the coming months.
That said, I should like to make two observations. The first concerns the rights of this Parliament. We have accepted the Lamfalussy Process. Should this Parliament have a call-back right, we will require measures for implementing this right at level 2. In addition, we will need to monitor movements at level 3 because we are well aware that the situation could go adrift at that level, something we will need to be able to denounce when it occurs, if that proves necessary.
I should like to say a word about the situation of the regulators, as this is a debate that we have not resolved entirely within our Committee. We are on track, picking up with the Himalaya Report. I should, however, like to point out to you what we learnt when we officially met the CESR and its officials for the first time, in Paris. They told us very clearly that if we want a regulation to be implemented on a European scale, it will take more than benchmarking between national authorities, as the effect of this alone will not produce a sufficient level of harmonisation between the powers of different national regulators during the step-by-step process we are in. That is an element that we must take into consideration."@en1
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