Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-138"
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"en.20050427.12.3-138"2
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"Thank you, Mr President. While talking about the integration of financial markets, we have to consider several aspects.
Firstly, the recommendations of Parliament concerning improvement of these market activities are important not only for professionals, but also for every citizen of the European Union, and we often forget that. In one way or another, by obtaining insurance policies or using bank services, we all participate in the financial market. In addition, to take account of the investments into the market of the pension funds would lead us to understanding that lately the quality of life is increasingly dependent on the activity of the financial market; in case of disorderly performance of at least one institution, thousands or even hundreds of thousands of citizens can suffer losses. However, effective management of the financial market cannot be achieved by implementing a particular regulation, since I can tell you from the experience in my country that such administration is costly, hard to implement, and, after all, does not protect investors and merely restricts market development.
Secondly, we cannot expect progress within the European single market if the national legislation differs. We have to provide conditions for the inflow of capital to the European market from different countries of the world, and this capital cannot come because of the national barriers in the European financial market. Therefore, great attention has to be paid to the national legislation that has an impact on the financial markets; also activities of various working groups have to be encouraged.
Thirdly, current regulation of the financial market lacks completeness and is fragmentary, and I do not approve the suggestion to stop adoption of new legislation regulating the activity of the financial market. I think it is important to replace fragmentary laws with all-inclusive and well-drafted directives. Otherwise, local institutions will initiate those legal acts, as it happens in the case of clearing and settlement. Therefore, we have to create favourable conditions in Europe not only for big players, but also leave some room for the activities of national businesses (small companies) and individual citizens at the national level. Thank you."@en1
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