Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-009"
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"en.20090422.4.3-009"2
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Madam President, Commissioner, ladies and gentlemen, the report on rating agencies with which I have been entrusted has been particularly interesting to draft, and I am delighted, above all, that we have been able to reach an agreement with the Council and with the Commission so that this report has a chance of being adopted at first reading.
During this period in which Europeans are questioning Europe’s effectiveness, it seems vital to me that we be able to prove that Europe is capable of tackling the crisis.
Analysing the various causes of the financial crisis has shown that there was an urgent need to enact legislation on rating agencies. The proposal for a regulation submitted by the Commission has been examined very carefully by Parliament in order to ensure that European legislation is at once exemplary, effective and pragmatic.
The recent conclusions of the G20 have further strengthened this determination. The compromise reached by the Commission, the EU Presidency and Parliament adheres to the guidelines sought by Parliament on the essential points of this regulation: the scope, the ratings of third countries, and the prevention of conflicts of interest.
Above all, however, I am delighted that this text has been able to lay the foundations for European supervision in the spirit of the findings of the de Larosière group’s report. Indeed, Parliament has kept to the idea that the CESR should be the single point of entry for the registration of agencies. We knew that, given the current state of the law, there was not much more that could be done, but by acting in this way we have laid the foundations for this future European supervision.
Over the coming months the Commission will propose a legislative initiative that will enable the guidelines of the de Larosière report to be implemented, so as to create European supervision that is effective and coordinated.
As a stop-gap measure, and in anticipation of the Commission’s legislative initiative, the regulation will be overseen under the coordination of the CESR by a college made up of representatives of the competent authorities of the Member States, the legal force of the decisions being guaranteed by the competent authority of the place in which the agency is registered.
I should like today to point out how appreciative Parliament was, during the second stage of negotiations, of the very constructive and very cooperative attitude of the Czech Presidency. This has meant that, through intelligent discussion, we have been able to develop a number of rules that should make it possible to guarantee this necessary transparency and to remedy the problems and the shortcomings that have resulted from the absence of legislation on rating agencies.
This result is therefore most satisfactory, and for this reason a global amendment reproducing the text on which the Commission, Parliament and the Czech Presidency – that is to say the Member States – have come to an agreement will be presented tomorrow to Parliament.
I believe that in this way the European Parliament, the Commission and the Presidency will have proved that, when faced with a crisis on an unprecedented scale, the European institutions were very resourceful. I hope that, in the same spirit, we will be able to adopt the other provisions of this financial package, and in particular the recast of the Directive on the capital requirements of banks, also referred to as Basel II."@en1
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