Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-16-Speech-2-514"
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"en.20081216.45.2-514"2
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"Mr President, Commissioner, Mrs Kauppi, please allow me, on behalf of the Socialist Group in the European Parliament, to add to the positive comments that have already been made. It is true that, when negotiating with you, we always know where we are. You have your opinions but at least, when negotiating with you, everything is very black and white. In the end, we knew exactly where we were and could therefore make progress. You again demonstrated your capacity to work with everyone. In my opinion, this is a particular feature of this Parliament’s intelligence. In this specific report, this is what allowed you, as we all wanted from the start, to arrive at an agreement at first reading.
At heart this report concerns an issue on which the Commission is sadly lacking. This is the post-market issue on which, following adoption of the Markets in Financial Instruments Directive, we would have liked the Commission to come forward with weightier proposals for organising, structuring, supervising and regulating the market, known as the post-market.
This report is a very small, very legal and very technical building block, which is useful, but it cannot hide the enormous task before us, on which we are still awaiting proposals from the Commission. The results of what the Commission wanted to start with the code of conduct are very limited. We are now awaiting the assessment of this and we are quite disappointed, just like a number of stakeholders in the market who can clearly see that self-regulation is not enough in this area.
Two main difficulties emerged in the specific and very precise text that we have before us today. The first was to decide whether the European Central Bank should be given specific powers in this measure. I believe that useful suggestions were made. However, the Council did not want to go beyond the current situation and, due to our wisdom and sense of responsibility, we accepted this compromise. This therefore led to the balanced proposal that is now on the table and that we must acknowledge.
The second important element was to ensure that the way in which the systems linked together did not in itself create autonomous systems. Once again, the position adopted by Parliament is a reasonable position which allows this link to be ensured without, however, giving it an autonomy that we did not want to create through this text.
There are obviously still many issues to be tackled and I hope that the Commission, through its monopoly on initiative in this area, will shoulder its responsibilities."@en1
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