Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-024"
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"en.20080709.2.3-024"2
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"Mr President, I would like to join in the compliments and congratulations given to the ECB for what it did last year in the financial crisis. The ECB’s role as liquidity provider of last resort and market maker of last resort has been emphasised in the report and I share this view. I think it also achieved this.
Linked to this, Mr Trichet, I think it is correct that you emphasised the necessity of better information access and exchange of information, where I think the ECB could take a leading role. This is also what we presented in a report for Parliament in the Committee on Economic and Monetary Affairs, which we will discuss next week, about the reform of the supervisory system. I think it is very important that we have a better link between the micro-prudential information that market and banking prudential supervisors have and the ECB information, and I think the ECB can take a leading role there.
You have said that you do not want to overhaul the supervisory systems – that is not what we proposed – but I think it should also be in your interest not to be too dependent on the voluntary cooperation of Member States and Member States’ supervisory authorities in this exchange of information. Therefore, it is important that there will be more independent players in this area and there will be a stronger system and a stronger structure at European level.
Another element is the payment and settlement systems. I am happy to hear that the Target 2-Securities proposal, which is elaborated by the ECB and other central banks, has now been received positively by the CSDs. I think this could be an important basis for further improvement of that system. I would also like to ask your opinion about what happens now, also from the market, in the sphere of derivatives and the over-the-counter market in order to create more central counterparties and a better system of supervision there.
My last remark is a parallel with the Bernanke speech yesterday, but I will not go into detail about it."@en1
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