Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-375"
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"en.20100706.28.2-375"2
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"Mr President, at the origin of this financial crisis are the national supervisors. Our financial markets are integrated at a European level and in every country the main financial institutions are cross-border institutions, but financial supervision has remained only at national level.
At this stage, and with the huge crisis we are suffering, there are only two possibilities. We can reinforce the national supervisors or we can create European supervisors in order to adapt European financial supervision to the globalisation process. In this report, I propose a closer link between the European Central Bank and the European Systemic Risk Board. The President of the ECB will also be the Chair of the ESRB and represent the ESRB externally.
In my opinion, the European Central Bank has gained credibility and has become an institution of worldwide renown in this financial crisis. It has been recognised all over the world, including by some Anglo-Saxon experts, such as David Marsh, the Chairman of the London and Oxford Group. In my opinion, the European Central Bank is the only European independent institution that will have the moral and material authority to play an important role in future European supervision of both financial markets and financial institutions.
To justify why a closer link between the ECB and the ESRB is needed, we can see what is happening in other countries outside the eurozone. Three weeks ago, it was my pleasure to read in the
that Mr George Osborne, the UK Conservative Finance Minister, has decided the biggest overhaul of City regulation since 1997. The UK splits the main financial regulator and gives more power and more clout to the Bank of England. In the same direction that we are now proposing, the UK has abolished the English tripartite structure, formed by the Bank of England, the Financial Services Authority and the Treasury. Mr Osborne said that it had failed to prevent the crisis because no one knew who was in charge. Mr Osborne will hand the Bank of England full control for monitoring systemic risk in the economy as well as oversight of individual banks.
Finally, I completely agree with Mr Osborne when he argues that nowadays, only independent central banks have the broad macro-economic understanding, the authority and the knowledge required to make the kind of macro-prudential judgments that are required.
This report was voted in the Committee on Economic and Monetary Affairs with a large cross-party majority, so I believe that, with these arguments, the UK Conservatives will also vote in favour of my proposal at European level.
To close my speech, this is not time for a debate on a second order reform. I know that state nationalism is now rising in the EU and I know that there is no consensus for such sweeping reform, but this is our choice – jumping to a political and economic union or reverting to our insolvent nations.
Let me conclude by saying that, in my opinion, only a closer and stronger union can save the eurozone."@en1
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