Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-100"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20050926.14.1-100"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, I understand that I can also use Mr Goebbels’ speaking time. As a number of Members have already had something to say about the content of this dossier, I do not propose to say too much about it; I would, though, like to say something about the procedure, but not before getting something off my chest.
To outsiders, this is an impenetrable technical dossier with no fewer than 800 amendments or thereabouts; a document at least 10 cm thick. You would be forgiven for wondering what Brussels is up to. Where is the indignation, where are the critical articles in the press? Then again, this is not about the protection of workers against skin cancer through exposure to too much sunlight – a subject about which everyone has an opinion and which, in the previous part-session, came in for denunciation from every quarter .
No, this time round, it is about the protection of invested capital. Is this, then, in some way, an entirely different and nobler goal? Is this, then, something in which Europe is allowed to be closely involved? No selective indignation this time round, then. Fortunately, that is also true for me: I have nothing against this dossier, but let us, in future, not apply different standards when it comes to protecting workers.
I would now like to turn to the report. I am pleased and also proud that we have managed to prepare this complex dossier, including the added rules for the trading book, so quickly and efficiently in our Committee on Economic and Monetary Affairs, something on which all those involved deserve many congratulations. This determination is something which the United States, in particular, is following with a measure of astonishment and jealousy. That is what we need in order to make Europe competitive and attract investments for growth and employment; that is what matters in the Lisbon Strategy.
The way in which we are going about this, though, with this plethora of amendments and technical appendices, is not an approach that appeals to me, nor do I believe that we will thereby achieve better regulation. We have in the financial markets regulations just developed a more intelligent working method referred to as the Lamfalussy procedure. According to this procedure, framework legislation is adopted by the EU institutions whilst technical details are delegated to the different committees in the comitology and to the European groups of supervisors who, in turn, delegate in very close dialogue and consultation with market operators and other stakeholders.
Not only is this necessary in order to lessen the burden on employers, but also enable a much more flexible and adequate response to the developments in these dynamic markets. I am a forthright advocate of this approach and believe that we can use it to find effective solutions for better regulations in other areas too.
Paradoxically, we have not yet applied the Lamfalussy method to this capital adequacy directive, but are now laying down everything, including the appendices and mathematical formulas, at the level of legislators as a group. Instead, we would prefer, after the directive has entered into effect, to tie the possibility of injecting this dynamism and flexibility into the directive to conditions and to a deadline.
I would like to make it clear that that is not, I repeat not, because we are opposed to the method, but because a fundamental condition is still missing from the Lamfalussy procedure, and by that I mean Parliament’s call-back right. I think that that should be spelled out once more, which is what we intended to do in this directive in order to crank up the pressure so as to obtain this formal call-back right. We do not care how this is done. The problem was around back in 1999, before the conventions were introduced to prepare treaty changes, and there now has to be a structural solution to the problem. The ball is in the Council’s court, and we hope that the ECOFIN ministers will make it clear to their General Affairs and Foreign Affairs counterparts that a solution must be found, come what may. I think that that should be the key message coming out of this discussion."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples