Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-03-28-Speech-3-083"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2007-03-28"^^xsd:date2
dcterms:Is Part Of	lp_eu:Further convergence in supervisory practices at EU level (debate)2
dcterms:Language	"mt"^^xsd:language2
lpv:document identification number	"en.20070328.13.3-083"2
lpv:hasSubsequent	lp_eu:2007-03-28-Speech-3-0842
lpv:speaker	lp:Joseph Muscat2
lpv:spokenAs	substitute; IMCO (2007-01-31--2008-09-30)3 vice-chair; ECON (2007-02-01--2008-09-30)3 vice-chair; Delegation for relations with Belarus (2007-03-14--2008-09-30)3 member; PES (2004-07-20--2008-09-30)3 unknown; Partit Laburista (2004-07-20--2008-09-30)3 substitute; Delegation to the EU-Armenia, EU-Azerbaijan and EU-Georgia Parliamentary Cooperation Committees (2007-03-15--2008-09-30)3 substitute; Delegation for relations with the countries of south-east Europe (2007-03-14--2008-09-30)3
lpv:translated text	"There has been constant reference to a report drawn up by myself, dealing with this area in detail and approved by this Parliament. This report, which has now been adopted as the position of this Parliament, contains an analysis of a situation that is becoming ever more acute. One of the most important points is the fact that different practices and levels of supervision exist at national level. From a European perspective, this signifies a reduction in market efficiency, as well as further operating costs for institutions that operate in different countries. The report questions whether the present system ensures the effective supervision of large groups that operate in various countries and sectors. We even requested a more detailed examination of the European Social Model at the level of prudential stability and crisis management structures. We agreed on the need for an effective crisis management system at European level. The current market development trend means that a crisis, even if initially originating in one country, can quickly spread to other countries. The reaction to a crisis such as this one is becoming increasingly complex because of the large number of institutions involved and the lack of clarity about what their role consists of. European consumers and investors are ultimately those who suffer the most from lack of action in this sector. Within this framework, Parliament agreed on the need for a committee of experts to study these implications and report back with their recommendations. I am well aware that there are different opinions on this initiative and on the form it ought to take. However, I believe that the time has come for a full debate on the matter, with all the institutions participating. What we do not need is for everyone to try to leave each other out of the debate when it comes to deciding what shape the supervision of European financial markets will take. I believe we must focus our efforts more on the urgent need to debate this point, and stress that we have no time to lose."@en1

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