Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-16-Speech-3-024"
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"en.20100616.4.3-024"2
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"Madam President, in this Chamber, we are always talking about being ambitious, about many things we would like Europe to achieve. I would like to think bigger and I would like our leaders to think bigger when they attend the upcoming European Council and G20 meetings.
The Committee on Economic and Monetary Affairs talks about failure on a global stage and the need to implement European solutions, forgetting that the EU’s largest partner, the US, has gone through worse turmoil than we have. They are looking at ever more radical and innovative solutions, some of which in fact we are more or less in line with. With a few adjustments, we could come together with the US and put together resolution mechanisms for a huge proportion of the world’s largest banks.
The US Fed and the UK FSA are currently discussing cross-border crisis amendment protocols and resolution mechanisms for the transatlantic financial service providers. These need to be incorporated into this Parliament’s legislative reports. The proposals on transparency for derivative instruments are compatible on both sides of the Atlantic, as are capital requirements. Therefore, even bilateral agreements would be beneficial if we fail to persuade all G20 participants to follow. It seems that certain G20 members are already actively pursuing market participants in the hope of exploiting regulatory arbitrage.
We need to encourage other financial market operators to move with us rather than compete on lower regulatory regimes for financial markets. The G20 can and should work, but I encourage our representatives at these meetings to be bold."@en1
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