Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-080"
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"en.20060703.14.1-080"2
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"Mr President, I would like firstly to join with all those who have congratulated Mr Muscat on his report on consolidation in financial services and particularly on his proposal to create a committee of ‘wise men’.
I shall refer primarily to the phenomena of mergers and acquisitions in European stock exchanges. For the last thirty years, technological development, the free movement of capital at international level and financial innovation have led to profound changes in the capital markets and have increased domestic savers’ participation in the financial markets, in general, and in the stock market in particular. In some European countries their participation is equivalent to around a third of their savings and in others a fifth.
The demutualisation of stock exchanges, which began in Asia in the middle of the 90s and then at the beginning of this decade spread to the main European centres of London, Paris and Frankfurt, and is still taking place, as is currently happening in Spain with the process of public offerings, has led to restructurings and to concentrations in the internal market, as in the case of Euronex and the Scandinavian market. All of these are positive developments, since they lead to reductions in costs and the extension of transactions and the quotations markets.
In my view, the recent announcements of transatlantic mergers and acquisitions represent a qualitative change. I say this because, despite the increasing convergence taking place on each side of the Atlantic, substantial differences remain between the two markets, which have been identified both in the model of the stock market and in the actual structure of the market and in the elements of post-negotiation.
Furthermore, this is happening at a time when the European Union, having approved the MiFID and when it is going to be applied in the future, intends to complete the European financial market. At the same time, an important debate has begun on the updating of the stock markets. This debate relates to their role in the future, to organisation, structures, transparency, economic aspects, competence, governance and infrastructures.
This is a time of very significant changes. There are therefore many questions to be cleared up and it is not just a matter of simply acting on a case-by-case basis. Rather, we must identify the European Union’s general interests, assess the impact of the operations announced on those interests, consider the consequences of the operations from political, legislative and economic points of view and, of course, seek the best necessary response, bearing in mind that the financial policy and the stock market policy have a significant impact on the European Union’s monetary policy. I also believe that we must assess the best method for ensuring transparency, stability and balance on the part of the European Union with a view to the proper global operation of the financial markets. That is the task that we must carry out."@en1
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