Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-139"
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"en.20050427.12.3-139"2
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"Mr President, I wish to make a few comments on the resolution before us.
There has been a very great deal of legislative activity in recent years – in my view, almost too much. I should like to say that the costs to the financial sector of transposing all these new laws is quite high and is growing. Just introducing the whole of the Basel II Directive is costing the banks a very great deal of money. I therefore wish to limit legislative ambitions in future and slow down the process to some extent. For example, I welcome the fact that we did not come up with legislative proposals in the area of clearing and settlement. Competition should be allowed to operate. There is no risk of monopoly. Technical development is taking place so quickly that competition from new players is breaking down the old monopolies.
One area in which I definitely do not want to see new legislation is that of corporate governance or the way in which companies are run. Allow the market to be self-regulating in this area. If Germany wants its own rules for corporate governance, it should be allowed to have them. If Britain wants its own rules, it too must have them. The financial market will in time decide which system inspires greatest confidence. It will attract investors’ interest. I believe in institutional competition. There should be no devising of a common code, regulated by some directorate of the European Commission.
Too much legislation will lead to rigidity in the system. What has once become law becomes almost impossible to change. There is a great risk of our obtaining a financial market full of legal disputes, proceedings, advisory court judgments and yet more legislative measures to plug the gaps in the legislation. The terms harmonisation and level playing field have been the gateway to a suffocatingly legalistic system. Scope should be provided for the mutual recognition of each others’ systems.
Responsibility for supervising the financial market should not fall mainly to the EU. Instead, better cooperation between the local, national supervisory bodies is needed. I do not wish to see a new super-finance inspectorate in the EU."@en1
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