Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-098"
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"en.20050926.14.1-098"2
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"Mr President, Commissioner, ladies and gentlemen, we have before us an agreement at first reading on a text that could scarcely be more complex, in the context of which 304 amendments will be easily adopted. That is, if Parliament can work intelligently when it has to.
That being said, what is at stake in the text, as everyone can see, is absolutely huge. The text strikes a balance between an approach sensitive to risk and one that is sensitive to real challenges in terms of competition, whether within or outside the Europe Union.
I will make three remarks. The first is that, as regards the content of this text, any aspects enabling us to assess and take better account of the risks taken by the banking sector – and, more generally, by the financial institutions sector – are steps in the right direction, insofar as they are backed up by reasonable consolidation and, above all, with the implementation of effective supervision mechanisms. That is the entire debate we have had on the size of the banks, the internal group consolidations and risk evaluation. I believe that, behind the way in which this matter is handled, the issue of knowing how to implement a lead supervisor at European level remains altogether crucial, and we will have to return to it over the next few years.
I have one word to say on the subject of SMEs: I dare to hope that the solution proposed is a step in the right direction and that it will not, on the contrary, lead to a shortage of credit for SMEs. The debate is open, but I personally have my doubts on this matter.
The second point I wish to make, which my fellow Member, Mr Purvis, spoke of just now, concerns international relations. I know, Commissioner, that you attach great importance to them and, quite frankly, since we have been following this matter, I have been struck by the imbalance that exists in the way the integration and appropriation of the Basel II Agreements are perceived. We know what role the Americans have played in defining, and conducting negotiations on, Basel II, and today we are witnessing a large question mark hanging over the schedule for, and the scope of, this agreement on the other side of the Atlantic. Behind all of that, a challenge in terms of competition for our economies exists that we cannot overlook, and we are counting on your vigilance in order to prevent this from leading to a situation that results in the European Union being discriminated against.
My final point concerns the issue of comitology, which all my fellow Members have spoken about. Firstly, the Commissioner told us: ‘Let us not take these agreements hostage because the markets would not understand’. Yet as you know, the markets do as they please. They will say to us today: ‘It is imperative that you adopt this text. If you do not, it will be a disaster’, and then tomorrow, when they disagree with the way in which you have implemented Level I of the agreement, they will come to see us and they will then be quite happy that a Parliament exists where people can re-examine the way in which the comitology measures have been adequately or inadequately implemented. Let us not listen too hard, therefore, to what the markets have to say and let us do our job as legislator. My final point will be to express my delight that the UK Presidency has implemented a Friends of the Presidency Group. I believe that that is a good way of finding an agreement. I simply regret the fact that the Council is not here to participate in this important discussion in the debate between the institutions."@en1
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