Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-04-Speech-2-022"
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"en.20070904.3.2-022"2
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"Mr President, I am delighted to see that most of our Group’s contribution to the opinion of the Committee on Economic and Monetary Affairs has been incorporated in Mr Toubon’s excellent report. The realisation of a full single market is essential to Europe’s economic success.
More specifically, the various legislative measures adopted recently in the wholesale financial services area have gone a long way towards establishing a single European market in this area, with high regulatory standards and trickle-down benefits for the customer. In several cases these are becoming global standards, and the next stage is to ensure that the regulation governing this area is properly implemented and evenly enforced across the European Union.
We will, of course, resist further unnecessary regulation. Yet there are many cultural, traditional, legal and tax barriers that still inhibit the single market in financial services at the retail level. Therefore we look forward to reviewing the Commission’s White Papers on retail financial services and mortgage credit to see how improvements can be achieved with the least possible intrusiveness.
I would like to mention the Lamfalussy process, because so far it has helped much with adapting the basic legislation in financial services to the real world of market operators and regulators. The process is still at the learning stage, but a large amount of legislation has been handled and early indications are positive. Although most of the Economic Committee’s amendments are in Mr Toubon’s excellent report, I am sorry that the ones relating to the Lamfalussy process were not incorporated.
One area that is the responsibility of the Economic Committee and still impedes the functioning of the single market is the tax system. Whilst fully recognising the unanimity rule in this sensitive area and the sovereign right of Member States to set their own tax rates, the current VAT and excise duty systems clearly prevent full realisation of the single market and of its benefits for consumers and businesses. We, therefore, urge the Commission to come forward with practical proposals for facilitating EU citizens’ full rights to the free movement of goods, in particular concerning the tax regimes for Internet and cross-border shopping."@en1
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