Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-06-Speech-1-130"
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"en.20050606.16.1-130"2
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".
Mr President, I congratulate the rapporteur on his skill and inclusiveness, which, in cooperation with the Council and Commission, have enabled a speedy agreement to be reached on this matter. The text is a compromise, but it has been accepted by all parties, including the reinsurance industry.
This is not a sexy dossier. You probably would not talk about it much in a referendum on the Constitution – if you had one – but it is vitally important. The lack of an EU regulatory framework for reinsurance and differing national rules have created uncertainty for companies, barriers to trade within the internal market, greater administrative burdens and costs, and a weakening of the EU’s position in international trade negotiations. As someone who represents London, with its strong insurance sector, and in particular as someone who worked for several years for Lloyd’s of London, I appreciate what a significant single market achievement this is, based on the recognised principles of licensing home state control and mutual recognition.
The important thing for us citizens is that, the more supervision is streamlined and cost-reduced, the more jobs are created in a European industry which is competitive at home and abroad. It will release assets for investment that are currently tied up unproductively in collateral. It will enable the EU to mount a challenge to American anti-competitive rules.
Reinsurance is a global business and EU firms are in the lead, so a global marketplace in which firms have access to markets on an equal basis is needed. This directive takes us firmly in the right direction. Not sexy, but significant."@en1
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