Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-03-11-Speech-2-305"
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"en.20080311.32.2-305"2
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".
I would like to emphasise the Council’s opinion, which is that the key response to the current situation in the financial market is consistent implementation of the three working programmes already adopted by the Council during the Portuguese Presidency.
As you may recall, last October the ECOFIN Council adopted a report and a set of decisions, as mentioned in the oral question by Mrs Berès. A schedule is attached to those decisions.
I would like to make a brief remark regarding the principles that guide our efforts. The first guideline concerns the procedures and principles for improving cooperation and conduct in international financial crises. One of the key aims in this area is to finalise and sign the new memorandum of understanding which will define common principles and guidelines for strengthening cooperation in the field of crisis management. The Presidency expects the memorandum to be finalised during the informal session of the ECOFIN Council that is to take place in Slovenia next month.
The other main guideline for the work in strengthening measures for financial stability concerns the tools for preventing, managing and resolving crises. The October schedule deals with all the recognised deficiencies, especially the regulations on state aid, the system of guaranteed deposits, the rules on winding-up procedures, and the limitations concerning the transfer of funds, all on an international scale.
I would like briefly to touch on the decisions reached following the review of the Lamfalussy process, adopted at the December session of the ECOFIN Council, and the attached schedule. Although in some respects this matter relates to the efforts to achieve financial stability, the long-term issues associated with the supervision of international financial groups do not have much to do with the current market situation. They mainly concern the national supervisors, who are required to adjust to the conditions of continuously developing financial markets.
I wish to stress the Council’s opinion that we need to increase the convergence of supervision in order to ensure equal competition. Here we are mainly concerned with the convergence of supervisory practice and not necessarily with the convergence of supervisory institutions. As regards the response of the economic policy players to the current situation in the financial markets, let me express the Council’s conviction that the primary responsibility for correction rests with the individual sector. We should resort to legislative initiatives only if the sector proves incapable of adopting efficient measures.
The ECOFIN Council debated the question of financial stability at its last session on 4 March. At the end of this week the European Council will address this problem and, I hope, will agree with the progress achieved. The ECOFIN Council will continue to follow the situation closely. I have already mentioned the April session of the ECOFIN Council to be held informally in Slovenia. We will of course be pleased to hear proposals from the European Parliament as well."@en1
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