Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-065"
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"en.20070710.6.2-065"2
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".
As colleagues have already noted, European financial market leads the world, and we should keep implementing policies that would enable Europe to remain the premier world market. What kind of policies do we envisage, fellow liberals? First and foremost we need a policy that is effective and open to innovation and new products. Priority should be accorded to self-regulatory mechanisms without creating barriers to the advent of new financial products. Regulation is applied so that equal competition conditions can be ensured for both large and small enterprises. I would particularly wish to highlight the words 'small enterprises'. Very often the Commission only considers the interests of large enterprises.
We also want there to be appropriate supervision. Appropriate supervision does not mean finely detailed supervision; it means supervision conducted according to certain principles. For these principles to be applied uniformly in the various countries, we would like to see national governments and likewise the Commission, and the Members of Parliament themselves paying more attention to ensuring that national supervisory bodies cooperate more widely among themselves and with other bodies in the financial sector.
We would also like to see the challenges of financial market consolidation and systematic risk assessed so that it is clear to consumers who will pay in the end if one or another institution, a large European institution, fails to work successfully. We would also like to see a financial market in which the interests of retail clients are heeded – the interests of a million ordinary EU residents.
What kind of market should that be? At the retail level the market has to rely on an open structure so that a wide range of financial products are accessible and to avoid a situation in which only the products of one bank are offered in certain countries, and so that people in all countries may have an equal opportunity to avail themselves of the variety and innovative potential of the EU market. We would like to see the creation of certain products to be available across the EU so that workers are able to circulate freely from one country to another. There is also talk about various pension products and mortgage credits.
We also want a cost-effective market. What is meant by costs that suit a retail consumer? That does not mean regulation; it means transparency. There has to be a clear cost structure for financial services so that every retail consumer may choose a suitable package according to his circumstances and how much he can afford, and we hope that in this way the European financial market will remain the most competitive in the world."@en1
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