Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-04-25-Speech-3-040"
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"en.20070425.2.3-040"2
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"Mr President, ladies and gentlemen, I speak today on behalf of the Committee on Economic and Monetary Affairs in particular, and on the subject of the financial markets, in which we Europeans have already, and for a very long time, been caught up in an international, and trans-Atlantic, network of relationships, and so I will also be speaking, as one who has practical experience of these matters, on a project of economic cooperation involving Europe and America, one that we welcome and support.
Particularly where lawmaking is concerned, we do have some reservations and some experience, which I might sum up by mentioning Basel II and AFAS, and I would like to address my remarks to the Council in particular, for I can tell Mr Gloser that we must take care, in dealing with this, that this House’s prerogatives and Europe’s rights are treated as equal with those of the Americans when it comes to laying down the rules, for what happened with Basel II was that the Americans ended up deciding not to implement the package.
We also have to consider the issue of regulation, of which regulation is applied, and where; need I mention ‘Sarbanes-Oxley’? We have, on repeated occasions, raised with the Commission the consequences of the incursion of the ‘newest stock exchange’ into Euronext. Will the regulations be American? To date, the Commission has said that the capital market will decide the matter.
BAWAG gives us a contemporary example of how American regulation intervenes directly in the European market in order to detach it from European rules, and the Commission must make its opposition to this unambiguously clear and ask them what they think they are doing. The same, my dear Mr Gloser, does of course apply to the Council, and I would remind you of SWIFT; there, too, European regulation has been forced to make way for its American counterpart.
I urge the Commission to at last do something about hedge funds, where an American invasion is in progress, and discussion is going on at the national level. It is a global issue; it is being moved forward; the Commission maintains deep silence on the subject, and the Commissioner responsible regularly says, ‘that’s how the market is’.
When international cooperative efforts merge together, it is particularly important that parliamentary control is not eaten away, and I am thinking of the Council in particular when I say that. I am thinking of the comitology debates and the anti-democratic behaviour of the foreign ministries in Europe when I say that I would like to insist on this House being consulted in due time on future projects of this kind, rather than being presented with a"@en1
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