Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-07-06-Speech-3-460"
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"en.20050706.34.3-460"2
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".
This important financial question has ended up in women's hands in Parliament, but women usually do everything very methodically. I believe that we will be able to begin to solve this problem, as it is one of the European Union's economic policy decisions that has already been the subject of lengthy debate, although the results have yet to be seen. It is the cause of the backwardness of the European Union's financial markets compared with other financial markets in the world. We need to make considerable progress. What needs to be done to achieve this progress?
Firstly, I want to address market participants. They must make mutual concessions and begin to look for common ground and compromise. I understand perfectly that it is difficult to renounce those positions that have already been reached as settled systems on a national level, as this is linked to new expenditures, as well as problems and uncertainty in the future. For this reason, we the Members of the European Parliament must reach an agreement and clearly show the market the way to develop a clearing and settlement system, so that it is possible to ensure the forecasts and clarify these predictions.
We must assure that we solve the questions related to price structure clarity, levels and the true rights of access for all participants, as well as those questions related to equal competition in the market. These are the three main segments.
If we manage to reach an agreement (and I trust that we shall), then national governments will be obliged to act more decisively to remove the obstacles indicated in the
accounts. I doubt whether any national government can afford not to listen attentively to requests from the financial sector. After all, they are the governments' main creditors.
I would also like to address the Commission on this point: you now have sufficient work groups and the power for all technical decisions, legislation and amendments to be adopted as quickly as possible. Why do we need to hurry? Now is a perfect opportunity for the European Union's market to become the world leader.
Probably most specialists know that uncertainty lingers in the US market due to the methods of regulation chosen. The countries of Asia are still forming their markets. We have a splendid chance to break into the lead, and must not miss such an opportunity. Thus, our compromise today and mutual concessions may yield significant material benefits and recognition as a separate, strong power in the world."@en1
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"Giovannini"1
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