Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-384"
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"en.20100706.28.2-384"2
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"Madam President, the Commission appreciates the constructive spirit that has guided the trialogues where the regulation on the European Systemic Risk Board was negotiated. I want to thank the rapporteurs for the formidable efforts they have made so far, and the work is bound to continue.
As you well know, the latest trialogue actually took place yesterday evening. We regret that an agreement could not be reached for adoption at first reading at this plenary part-session, but we are satisfied that all parties are committed to carrying out the adoption by September.
I understand that many of the discussions between the Council and Parliament revolve around people and institutions and who will do what in the ESRB. Should the Chair of the ESRB be elected, or should he or she be automatically the ECB President? Should the ESRB general board and steering committee include outside independent experts and, if so, with or without voting rights? Should the President of the EFC participate in the work of the ESRB? I am confident that these diverging requests by the Council and Parliament can be merged into a mutually acceptable solution.
The same goes for the many discussions revolving around the involvement of the Council and Parliament in the follow-up to the recommendations of the ESRB. There again, an agreement is not far away. I trust there is no divergence that cannot be resolved by a thorough negotiation and appropriate wording to avoid any misunderstanding on the respective prerogatives of both bodies.
So while I somehow regret that Parliament will not be able to vote on a text fully agreed with the Council now at this session, I am still delighted by the clear willingness shown by all to reach an agreement by September.
Finally, let me say frankly that we badly needed a modern supervisory architecture, as well as a body doing analysis of systemic risks to macro-financial stability, well before the financial crisis hit Europe. We would be much better off now in dealing with the financial repair if we had already had this at our disposal.
I therefore want to stress again that the fact that the new supervisory framework will be established rapidly, and certainly by 1 January next year, is indeed sensible. Our citizens expect action without further delays, which should be possible considering how much we agree in the fundamentals and how close we are to an agreement on even the details.
Equally important, the ESRB is an essential building block of a genuine economic and monetary union of its stronger economic pillar and thus of our systemic response to the financial crisis. It is also a key building block to restore and reinforce confidence in the European economy which is so much needed now. In order to strengthen the economic recovery, to strengthen confidence, we need to deliver on all fronts: safeguard financial stability, pursue fiscal consolidation, conclude financial repair and especially the new supervisory architecture, and reinforce economic governance. Only by making concrete and rapid progress on all these fronts can we strengthen the recovery and solidify the economic and monetary union. I count on your support on these very important endeavours."@en1
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