Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-11-14-Speech-3-367"
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"en.20071114.34.3-367"2
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"Mr President, honourable Member, in the conclusions adopted in May 2006, the Council welcomed the Commission’s White Paper on financial services policy from 2005 to 2010. The Council particularly welcomed, and I quote: ‘the ideas put forward with respect to the growing importance of the external dimension in financial services – namely to deepen and widen regulatory dialogues with third countries and work towards the further opening of global financial services markets’.
On the Portuguese Presidency’s initiative, on 9 October last the ECOFIN Council examined the state of play regarding macroeconomic, financial and regulatory dialogues with the Union’s principal partners – the United States, Japan, Russia, India and China. The importance of these strategic dialogues was stressed during the discussion. Such dialogues make it possible to reinforce convergence, cooperation and mutual understanding between global partners, thereby helping to facilitate access to the respective markets and to promote macroeconomic and financial stability, particularly in financial services. The dialogues have led to significant progress concerning convergence and equivalence of accounting standards.
The Council supports the work carried out by the Commission, and considers that financial market globalisation requires increasing effort to achieve convergence and cooperation at international level, in line with the Commission and the Council’s strategic vision on the need to reinforce the Lisbon Strategy’s external dimension through the promotion of and an international approach to regulatory cooperation and the convergence and equivalence of standards.
Stress was also laid on how important it is for the European Union to ensure a coherent approach in this area, and it was considered that information on the development of such dialogues should continue to be forwarded to the Council on a regular basis."@en1
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