Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-23-Speech-3-039"
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"en.20100623.9.3-039"2
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"Mr President, if I may address President Van Rompuy of the European Council, I am pleased to see you here and, as Chair of the Committee on Economic and Monetary Affairs, I must say I would rather like to see more of you in committee, in your task force role, because when you come up with ideas, any multilateral surveillance will come to us under codecision. The longer that we are out of the loop, the longer it is going to take us to understand and agree the decisions you make; and we have some ideas too.
Turning to the Council conclusions, I note that they urge rapid action on the supervision package on AIFM and on derivatives. They do not give prominence to the capital requirements directive (CRD III) which puts capital on the trading book. Now, trading book capital was shirked under pressure from banks from before the crisis, and it is what made speculative proprietary trading attractive and cost-free, an activity that was fundamental to the crisis. CRD III would automatically shrink casino banking without having to sort out bands and splits; so why is it not top billing for early action and implementation?
Finally, I appreciate the decision to apply bank stress tests and make them public. This is at least a year overdue and might have saved some of the current sovereign debt problem if it had been done sooner. But it is essential now that the stress tests applied cover all the challenges and concerns of the market, otherwise that would actually make matters worse."@en1
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