Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-03-12-Speech-1-170"
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"en.20070312.21.1-170"2
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"Mr President, ladies and gentlemen, Commissioner, I too would like to thank the rapporteur, Mr Klinz, for today’s outcome is a very positive one, in that it was achieved rapidly through the good cooperation of the Commission, Parliament and the Council.
The reason why a speedy result was necessary was that at the nation state level, there is an increase in protectionism, not only in the financial sector but also in others, for any Member State will be pleased if a company based there can invest in another country and take over businesses in it, but heaven help a company from another country that tries to do likewise; that is when they pull out all the stops and get tough, not only in the financial sector, but also in energy, as we have seen, for example, with Endesa and E.ON.
That is why action to deal with this became necessary. I am glad that it was possible to agree on criteria and deadlines, but I have my misgivings about the role played in the debate by the supervisory bodies, who, back in the days of the ‘Basel II’ debate, had not done very much to clarify how they were supposed to monitor the integration of financial markets. In saying this, I am certainly not advocating a European supervisory body, but, given the way the supervisory bodies in Europe have organised things, their primary interest is in staking out their national boundaries, and so the first move should come from us at the European level, and from the Commission, with an invitation being extended to the supervisors to engage in dialogue on the subject.
I would also like to say something about hedge funds, which Mr Purvis has already mentioned; although I agree with him wholeheartedly that these should not be demonised, I would like to see discussions – which I believe should include other parts of the world in particular – about the need for the Commission to act in this area, to conduct a one-off evaluation – of the kind that has become a permanent feature in other areas – of how hedge funds should be handled, of how the utterances from the Bundesbank and the European Central Bank on the stability of the financial markets should be understood, and to make a presentation on the subject. Having heard what this House has had to say to the Commission, I get the impression that someone is now refusing to put in the work, and I would be delighted if someone were to pick up this ball and make progress in this area. Commissioner Špidla, there seem to be a lot of proposals being made in your area of responsibility, so perhaps you can fire up Commissioner McCreevy with the ambition to do likewise."@en1
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