Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-23-Speech-3-029"
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"en.20100623.9.3-029"2
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"Mr President, regarding the specific question that was put to me in terms of the financial supervision package: this financial supervision is indeed a flagship of European reform because the whole set of new arrangements depends on the new architecture.
For instance, we have proposed that the credit rating agencies can be under the oversight of one of those new institutions. That is why it is so important to come to an agreement on this supervisory architecture that the Commission has put forward as a proposal following the report that I asked the high level group chaired by Mr de Larosière to present to us.
I would like once again to thank the European Parliament for being very supportive and for your ambition. This has helped us to make sure that the Council moves from its December position on some key points, some points that have been considered very important by the European Parliament.
But now everyone needs to compromise and this is the important question to address in the European Union, because if we always stay at the position of considering that others are not doing enough, we will not move forward. We need a compromise. And I believe that a deal can be done and that it will follow in many areas the European Parliament’s concerns, for instance, on key issues like certain products and transaction bans to protect consumers, dispute resolution powers for the authorities that include addressing direct decisions to financial companies – this would be a big move for the Council and the Commission supports it – and principles for the resolution of crisis and deposit guarantee schemes and a very comprehensive and strong review course. I think there is already an opportunity to close the deal in the coming days.
Tomorrow there will be a trialogue that is very important. Things will not get easier if there is a delay. Most likely, some of those reservations will become entrenched, and it will become even more difficult. But I think that it is not in the interests of anyone who wants a real European architecture to postpone it, if only because – let us be frank – a full second reading will make it almost impossible to have the new authorities operating from 1 January 2011. So – that is why urgency is so important here – the idea is to have the new system start in 2011, with the new European 2020 strategy with the newest possible economic governance and, hopefully, with a lot already done in terms of financial service regulation supervision.
That is why I would like to ask you to listen to me, as I have of course asked the President of the European Parliament – this was immediately after his very interesting contribution – and also the Member States. I once again ask the European Parliament, in the spirit of compromise, to make an effort to achieve it.
Of course, the Commission has made the proposal so we are very happy with it but the Community method is also about compromise. The Community method is not just about stating positions, it is also in the end about compromise.
That is why the Commission is urging the Council to move. We have tabled an informal full compromise text today and will continue to put friendly constructive pressure on all the parties to come to an agreement."@en1
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"(Interventions from the floor by Rebecca Harms and Guy Verhofstadt saying that the Council should make a proposal)"1
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