Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-12-12-Speech-3-358"
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"en.20071212.33.3-358"2
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".
Madam President, Commissioner, I am grateful to the rapporteur for his text. For once, I would echo many of the comments made by Mrs Kauppi. We began working on this text back in the spring and I think that those of us who considered it very timely have been proved right by the events of the summer.
What happened this summer raises questions about deposit-guarantee schemes. We simply cannot live with a system where many of the market players operate across a number of countries without deposit-guarantee arrangements that are at least harmonised or based on common principles, in the interests not only of competition by also of public confidence in market mechanisms.
I was very struck as I travelled around during the summer – and not just in the Scandinavian countries – at how this question of deposit-guarantee systems was raised systematically and was considered crucially important. I know, of course, what the Commissioner will say: ‘If you were to put together all the European-level guarantee schemes, the total would still be no more than a drop in the ocean by comparison with the sums needed to tackle the crises.’ That is a poor argument when we need to reduce our handicap in terms of both competitiveness and confidence in market mechanisms, particularly because it has the effect of distorting business strategies, as companies suddenly find themselves forced to arbitrate, for the wrong reasons, between their various subsidiaries and branches.
On the basis of all these arguments, I asked my group to support me. The group tabled an amendment calling on the Commission to work faster and to recognise what people expect of it: while they may not express their demand loud and specifically, in terms of a priority, they do need reassurance about how Europe’s financial markets work and how accurately they respond to events. A sound, European-level deposit-guarantee system is bound to make a contribution in this respect.
Commissioner, I believe it is part of your task to assess the level of confidence or otherwise in the functioning of the financial markets at European level. It is hardly enough, I think, to sit back and await fresh research results. You need to take action to accelerate the response and enable us to progress on a more harmonised basis, with a better and more transparent understanding of deposit-guarantee schemes and how they operate in the European Union."@en1
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