Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-03-11-Speech-2-311"
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"en.20080311.32.2-311"2
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"Madam President, two minutes is not long enough to allow me to take on board all the points. I would just like to be very brief. I am in agreement with many of the things mentioned by my colleagues, especially what Ms van den Burg said about Commission reluctance to give a greater role to level three committees.
I think that it is natural that level three committees have two different roles. They have succeeded well in giving advice on new directives. The advisory role is very well accomplished, but we have not yet found a way to achieve true convergence in Europe. There is a real asymmetry between European convergence and national accountability. Although we wholeheartedly support the Ecofin proposals, the road map and everything that has been produced, we have doubts that they will solve the problems we have in Europe. Is it really possible to achieve fully integrated management with the current supervisory system? I do not think this is the case. We also think that consolidating the supervisory model of the CRD needs much bigger improvements than the ones presented in the road map. It is not enough to have good delegational powers, good information requirements and to solve home host issues. We need to give level three committees more decisive powers. They need to be more independent of the Commission and to be the seed of the new European supervisory network-based system.
Finally, I would like to raise the issue, which was also dealt with by my colleague, Mr Radwan, of US convergence and global consequences. I think we are losing time in Europe. If we do not get our act together, we cannot really be taken seriously by our international colleagues. Even though the financial services dialogue has developed well, we need to further improve our route to convergence in order to show the Americans that we have an equivalent system and can rely on mutual recognition and even substituted compliance. So this global aspect is very important to take on board."@en1
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