Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-136"
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"en.20050427.12.3-136"2
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"Madam President, the creation of a single market for the financial services sector is a key factor in completing the internal market and in fostering further economic and social development in Europe.
In this context, the Financial Services Action Plan (FSAP), adopted in 1999 and strengthened at the Lisbon and Stockholm European Councils, is an indispensable tool. It is now universally acknowledged that the FSAP has been a success, given that 39 of the 42 legislative measures have been adopted. It is premature, however, to issue a definitive verdict, because many of these measures have yet to be implemented.
Efforts must now, therefore, be channelled into ensuring that the necessary implementing measures are transposed into national law, and, in particular, that the operation is monitored, transparently and effectively, for a certain amount of time.
Monitoring the FSAP will enable us to gauge the impact of the legislation on the smooth running of European financial markets and on the development of promotional, supervisory and anti-discriminatory measures. Monitoring of this kind should be an urgent priority for the Commission and the Member States.
Among the various points raised by the rapporteur, in compliance with the proposed guidelines, I should like to highlight, if I may, in view of its major importance, the call for the Member Sates to transpose, quickly and effectively, the directive on Occupational Retirement Provision, so as to increase the opportunities and alternatives for savers and offer them the best possible return on their investments. The overriding message of this report is that the Member States must adopt ‘the principles of better regulation’, opportunely adopted by the Commission, and that there must be greater convergence of national supervision practices relating to the measures incorporated in the FSAP.
I also wish to highlight the point that any future legislative measures aimed at remedying market failures must include a cost-benefit analysis of implementing them, in comparison with not implementing them.
Mrs Van den Burg’s report addresses the whole question of financial services sensibly, coherently and intelligently and I therefore feel that Parliament should support it."@en1
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