Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-27-Speech-3-141"
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"en.20050427.12.3-141"2
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"Mr President, this report on the Financial Services Action Plan comes at an important time for the integration of financial markets in Europe. As you have heard, Parliament is unanimous on this issue and the vote in committee was almost unanimous.
The past few years have been marked by much law-making. There are clear indications that markets now need time to digest what has been decided. As legislators, we should be extremely sensitive to this concern and focus our efforts on what is essential and beneficial.
For its part, I hope the Commission assumes a twofold strategy. First, in its capacity as a prime mover of Community legislation, it is vital that the Commission concentrates on non-legislative means to carry out measures in the financial markets wherever possible. Apart from legislation currently under way, rigid laws should be considered only when absolutely necessary, i.e. after a comprehensive impact analysis shows that the intended objectives cannot be achieved through non-legislative means. This approach should take due account of evolving market practices and the principle of subsidiarity.
Secondly, in its role as EU executive, the Commission should take a rigorous approach to enforcement. Thirty-nine out of the 42 FSAP measures have been adopted. However, many implementing measures have not, and transposition into national law is only beginning. The Commission should start a benchmarking review of implementation in the Member States with the aim of completing the EU financial architecture as agreed.
The pace of integration in the financial markets has been far better than in many other areas. Much of this is due to the expediency and flexibility inherent in the Lamfalussy Process. As we move beyond the FSAP, however, the process itself should take into account the new environment in order to ensure that the appropriate balance of legislative and horizontal measures, structures of transparency, parliamentary control and stakeholder consultation improves further. For instance, structured dialogue between the EU and the US and other global capital markets could thus be better fed into the process, thereby strengthening both the European financial playing field as well as these relationships.
As for the convergence between supervisory practices, we need to be realistic. The report before you sets out a useful strategy for creating lead supervisory practices in the EU. With a longer term perspective, provided that the parliamentary accountability of any new body thus created is guaranteed, we can see the benefits of moving towards a more uniform supervisory regime for financial markets. One possible option is a 26th European regime for supervision of global actors. All these options should be left open and used if the Commission thinks it is necessary."@en1
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