Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-03-28-Speech-3-079"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20070328.13.3-079"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
".
Madam President, Commissioner, ladies and gentlemen, the Committee on Economic and Monetary Affairs thought it necessary that there should be a debate on supervision among the European institutions, and we wanted to be able to have one in the presence of the Council and of the Commission. We, members of the Committee on Economic and Monetary Affairs, are very pleased about the relaunch of discussions and work, within the Council and the Commission alike, on the management of the crisis on the financial markets. More effective and better supervision and cooperation among supervisors is a matter of necessity, but, nevertheless, if we want the ultimate result to be success, we do think that, at this stage of the development and profound transformation of financial markets, the opening of an interinstitutional debate on this subject is, without doubt, the best way of making headway.
The question therefore arises as to how to go about doing this: are we to set up a committee of wise men, or are we to consider that it is on an interinstitutional basis that we might perhaps be better placed to put the collective European intelligence to work? That, in any case, is the message that this House wants to convey in this debate today, and I am very grateful to the Council and the Commission for allowing the debate to be held in Parliament.
The Committee on Economic and Monetary Affairs has done a great deal of work on the analysis of the European financial system and the implications of consolidation in financial services, not least in Mr Muscat’s report, in which we express our support for the establishment of a Committee of Wise Men mandated not only to examine the implications of the consolidation of markets and of financial institutions, together with the implications of financial supervision, financial stability and crisis management, but also to come up with definite ideas about the existing structures and incorporate them in a report to this House.
The object of today’s interinstitutional debate is to give a clear signal as to the need for the opening – or re-opening – of the great debate on the future of Europe’s supervisory systems, which is essential in the interests not only of the competitiveness of the financial market itself, but also of the stability of the European Union’s financial system.
Perhaps I might, at this juncture, be permitted to make certain observations. First, let me say that there have been profound changes in the financial system in Europe and around the world. Day in and day out, we are witnesses to incessant changes in the markets and to the innovations produced in those markets - developments that result, inter alia, in the gain of greater power by ‘hedge funds’ or ‘private equities’. The ongoing consolidation of financial markets has made it possible for key actors to establish themselves and to act on completely transnational bases. Mergers and takeovers motivated by the quest for competitiveness and efficiency have grown, whether at the national or European level or globally. They have come to generate their own impetus, and hence the structure of the markets, as well as the way in which the actors operate on them, have undergone radical changes, a transformation producing new challenges, with new things at stake.
Secondly, I would observe that the consolidation of financial supervision structures must go hand in hand with the consolidation of the markets themselves, for one sometimes gets the impression that they follow different rhythms. This being so, one can find oneself wondering whether the present system of supervision in the European Union – in which supervisors have specific, and very different, structures for which they are responsible, have highly divergent competences, powers and responsibilities and act on the basis of a national mandate – is capable of ensuring the proper supervision of large multinational financial groups. One wonders whether the system is sustainable and whether it might perhaps jeopardise the financial stability of the European system itself.
Thirdly, I would highlight the peculiarities of the European Union’s financial system, which is characterised by diversity and by the wealth of operators, be they local – local banks, for example – or actors operating across frontiers, on both sides of the Atlantic and on the global stage. That calls for a solid, efficient and well-adapted supervisory framework capable of responding to the challenges of regional integration, of globalisation, of innovation and of centralised management, while at the same time providing a high standard of supervision and ensuring that the system is sound and stable.
Fourthly, I would point out that improvement of the supervisory systems is in the interests of all the players – primarily, of course, in the interests of the system itself, but, secondly, also in the interests of the participants in the market, who are asking us to improve the supervision system in order to facilitate their operations on all markets. I am persuaded that the end user will also have an interest in the improvement of the system.
Fifthly and finally, the issue of European excellence in regulatory matters does have a transatlantic dimension, and it is with that in mind that it appears to me that the time has come for us to move forward.
I will sum up by saying that, in view of these observations, we, as Europe’s lawmakers, face a major challenge: that of endowing Europe with solid and efficient prudential structures capable of ensuring the proper supervision of all financial actors, be they large multinational groups or high-street banks, and capable also of making supervision contribute to the competitiveness of the European model on the world stage."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples