Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-05-06-Speech-3-079"

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"Mr President, ladies and gentlemen, in my opinion one of the best steps taken by the European Parliament in the current functional period was last year’s decision on the need for close regulation and greater stability in the financial system. It is a pity this did not happen three years earlier. The submission of a draft directive on capital requirements is another practical outcome in this context. The financial crisis has drawn attention to the shortcomings in supervision mechanisms, including consolidated supervision. I agree that the starting point for resolving the problem should be the creation of a decentralised European system of banking supervision bodies based on the model of the European central banks. I am also in favour of stricter securitisation rules. Originators should hold a certain percentage of the risk arising from the exposures that they securitise and further due diligence should be required from the investor. This is the only way to achieve progress."@en1
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