Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-03-12-Speech-1-196"
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"en.20070312.23.1-196"2
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"Mr President, we must thank Mr Kyprianou for being with us until so late, although the discussion would probably have been much more interesting if Commissioner McCreevy had been with us, since we hold a constant dialogue with him on this kind of issue.
I hope that Mr Kyprianou will communicate to Mr McCreevy our interest in this issue, our concern and our desire for Parliament and the Commission to carry on discussing it as we should do.
It is clear that this discussion has hardly begun. Parliament and the Council adopted the directive on concentrations of capital. We have recently adopted a directive on the rights of shareholders, and it is clear that fundamental problems are emerging with regard to the structure of companies.
The democratic principle of ‘one vote, one share’ is not currently functioning throughout the European Union and, as Mrs Berès pointed out, we are now facing the possibility of great market manipulations by means of certain operators.
It is clear that impact studies can be useful, but impact studies are only useful if they are carried out properly. This Parliament’s concern is that wolves should be put in charge of the sheep, so to speak. In other words, if impact studies are carried out by big companies that specialise in market manipulation, then those companies’ recommendations are naturally going to move in the direction of greater market manipulation.
As Mr Lehne has pointed out, the Court of Justice’s virtual decision on the
affair is going to have an impact on the future development of European Union law, but this Parliament does not want the Commission to take the recommendation route, the so-called European Union 'soft law' route, under any circumstances.
A more appropriate route is legislation, although it may not yet be the time to legislate, bearing in mind that we have not yet had an assessment of what is happening in the field of concentrations of capital.
There is currently a kind of great revolution going on in Europe in relation to concentrations of capital, with great political involvement and great uncertainty in cross-border operations, given the co-existence, for example, of public protection systems and private systems. This issue is of very great significance politically speaking, but it also has certain legal aspects.
I believe that it is important that we point out, firstly, that Parliament does not take a positive view of what is known as ‘soft law’, which requires legislative status, that Parliament welcomes impact studies, but that they must be carried out objectively and not be left in the hands of sectors that may carry them out in a way that benefits themselves, and that there may not be any need to rush into any kind of legislative measure without having studied the situation first.
I believe, however, as I said before, that we are at a time of great change throughout the European Union’s system, and the consolidation of a European law in the field of concentrations and shareholders’ rights requires much more study and above all much more cooperation between Parliament and the Commission."@en1
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