Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-042"
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"en.20090422.4.3-042"2
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"Madam President, I think that this package, which is part of the measures to deal with the financial crisis, is quite good with regard to Solvency II and the credit rating agencies and will result in good compromises and outcomes.
However, when we look to the future, I would like to raise three issues. Firstly, I would like to see the European Union being more ambitious and active at global level. Even though the G20 outcomes are steps in the right direction, they are still too modest and far from having a proper, global, convention-based regulation, both on funds and different financial instruments, and on regulation.
Secondly, when it comes to the de Larosière report and our own actions, I think that the outcome of de Larosière was rather good, especially when it comes to supervising and analysing the systematic risk at European level. But I would like to point out two pitfalls here. Firstly, concerning micro-supervision: I do see that the proposed moral there, which would still be based very much on cooperation instead of a centralised European aspect, has very serious problems. Secondly, from what we have already heard about the Commission’s preparation concerning venture capital and hedge funds, there is much to be hoped for and expected from there.
So, if we really want to be effective at this level globally, we will have to do our homework properly, and I would really like to see a better and more ambitious approach from the Commission in this field."@en1
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