Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-135"
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"en.20050427.12.3-135"2
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"Madam President, Commissioner, I, too, would like to start by thanking the rapporteur for her constructive and good cooperation. She has produced a balanced text that takes a look at the European internal financial market – to which, over recent years, the Committee on Economic and Monetary Affairs has devoted a great deal of attention – and, while doing a good job of analysing our present situation, also looks towards the future.
To be sure, having had a great deluge of legislation, we must now consolidate; we must ensure not only that it is properly implemented, but also that we learn from our initial experience with it, and that we tackle the next legislative project piece by piece rather than with gusto, as we did before. We should also – contrary to what certain participants in the European market would like us to do – handle the topic of maximum harmonisation with a great deal of care. I can imagine those who currently write to us demanding maximum harmonisation in consumer protection matters saying – yet again – that we are taking harmonisation too far with the Consumer Credit Directive; that is why they should be very careful when calling for such a thing.
This House has, for some time, been quite clear about where it stands on CESR; although we are in favour of the Lamfalussy procedure, we want transparency and participation, and there is a very, very great deal of room for more of that in CESR. Our expectation is that what happened with ‘Clearing and Settlement’ will not be allowed to recur. I also call on Commissioner McCreevy to apply the same sensitivity to pressing for international standards in a field in which international bodies keep introducing more and more standards for large companies, which are then applied by small and medium-sized enterprises as well. This is where democratic control is called for, and this is where the Commission and Parliament must join together in developing the institutions for this purpose.
Let me end with a comment on European supervision. I regard the approach taken by ‘Basel 2’ – that of approaching this with very great care – to be the right one for a draft. We should take care not to be too hasty in creating a Europe-wide level playing field, thereby ignoring the regional and national level playing fields that we already have. The one must not wreck the other. That is why I favour a bottom up approach, so that, while focusing on European regulation and supervision, we build them up slowly, starting from the bottom. That this should be enforced from the top down is intolerable."@en1
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