Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-03-11-Speech-2-312"
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"en.20080311.32.2-312"2
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"Madam President, the recent turbulence in the financial markets showed that the trend which gave rise to increased efficiency might also entail greater risks, affecting the soundness of the financial system and the health of the real economy. The review planned for 2007 thus became more urgent and acquired greater political relevance. Today Europe is being asked to produce careful and effective responses to suit the growing complexity of the markets.
It is also known that progress is possible without altering the central architecture of the Lamfalussy method but, as many of my fellow Members have said, one of the most obvious and urgent tools for obtaining improvements involves stronger and more effective coordination between national regulators and supervisors through greater efficiency at Level 3, increasing powers and competence, strengthening the mechanisms for managing turbulent situations and crises and ensuring consistency of principles and practices.
Such coordination is complex and does not arise spontaneously: it requires specific, competent initiatives on the part of the Commission, in response to the recommendations, rightly mentioned here today, made by Parliament on various occasions, and by the Ecofin Council, and set out in the roadmap which has been extensively quoted here.
With the next European Council approaching, the apparent lack of transparency of the initiatives planned by the Commission is surprising. The absence of Commissioner McCreevy is even more surprising when Parliament has expressly asked him for information on the progress of the work.
Finally, I should like to thank Commissioner Almunia once again for his availability, although I still think we need to have a clarifying debate with the Commissioner responsible in accordance with the specific and technical nature of the subject, and the Commission’s obligation to propose a specific initiative."@en1
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