Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-07-06-Speech-3-457"
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"en.20050706.34.3-457"2
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".
Mr President, it is a pity that Mr McCreevy cannot be here. It would have been nice to talk to him personally.
When I took over this report from Mrs Villiers, who deserves considerable thanks for her thorough approach and hard work, it was quite clear to me what the outcome should be. It is even clearer now.
As we know, the Commission recently produced a Green Paper on financial services. It explicitly stated that any new European proposal for financial services legislation and implementing rules should pass a number of economic tests. They involve a careful study of the expected economic benefits as well as ‘the extent to which measures facilitate cross-border business and enhance the competitiveness of Europe’s financial markets, while, at the same time, protecting internal stability’.
The Commission paper also states that there is clear market evidence suggesting that genuine financial integration is under way in many key sectors, such as in clearing and settlement. That sentiment is strongly echoed in our daily dealings with the financial services industry.
The report before you sends a clear signal to the markets that the achievements will not be hampered by unnecessary regulation. That message is a result of a broad cross-party compromise and it has the strong backing of market participants. Some of the amendments that have been tabled depart from this functional approach and seek to prejudge the need for regulation. I appreciate and respect the cultural differences in regulatory philosophy, which lead some to these conclusions. However, it would be a serious mistake to apply this
philosophy in the case of clearing and settlement.
We have agreed to wait for the results of the regulatory impact assessment and of the different working groups set up by the Commission, to which you referred, Commissioner, in order to determine whether there is any market failure and whether a directive is the right solution after all.
More importantly, our clear signal in support of the developments that are taking place in the clearing and settlement markets should not be diluted with confused concerns regarding potential developments sometime in the future, for which no evidence currently exists. I refer here to some Members’ wish to implement
competition rules for clearing and settlement service providers. There is no need for that at this stage, as evidence suggests that markets are, in fact, generally developing towards more open and transparent competition.
The call for new competition legislation is a misguided call for a short-term directive, with the risk that it will develop into wide-ranging legislation on clearing and settlement before we have the results of the different Commission impact studies. Instead, the plenary tomorrow should fully endorse the committee line, that we should focus our efforts on the removal of the ‘Giovannini Barriers’. Here I fully support the initiatives of the Commission. The removal of such barriers promotes openness, equal access and transparency in the industry. We should not seek to implement some arbitrarily defined single utility or service model across the EU, as that would hamper ongoing market-led cross-border integration and consolidation, along with the tangible benefits accruing to customers of clearing and settlement services.
As the Commissioner has stated, this is not a technical, minor issue. It is a very important field of the single market. I fully appreciate Commission efforts in this respect. I would like to thank all your staff who have worked hard with Parliament in reaching this compromise. I hope we can continue this very fruitful cooperation in the future."@en1
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