Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-385"
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"en.20100706.28.2-385"2
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"Madam President, ladies and gentlemen, it was a good idea for Parliament to join the debate on the supervision and management of the crisis.
It is also only fair to talk about these two major topics in a more general context, as we will have to act to obtain reinforced capital requirements and improved corporate governance, and to bring these to completion. We will come back to this, as I will have the opportunity of returning, as you know, in the next few weeks or months, to a series of proposals which were put together in an agenda approved by the Commission on 2 June, which the Council of Finance Ministers supported, and which the European Council adopted. We will also see –and I echo what many of you said – if there is a real consistency between decisions taken at the G20, decisions taken at the European Council and decisions taken at the Council of Ministers in the same vein.
There are many subjects which are part of this architecture of prevention, crisis management and supervision. I am thinking of the funds for resolutions that we have proposed, like Mrs Ferreira herself, in the context of crisis management. I am also thinking of the earlier proposals of Mr García-Margallo y Marfil, and we will present legislative proposals on these subjects in 2011. There is also financial corporate governance and banking capital. I will come back to this when talking about Mr Karas’ report.
I would like to say a few words on the two subjects for today. First, I will address supervision, which is effectively the backbone. This is an extremely serious subject and, as you have said, if we do not succeed in creating credible authorities and the European Systemic Risk Board, many other reforms will not be effective. Some weeks ago, we spoke of rating agencies – I will come back to these – and the implementation of prudential norms. We need this credible European architecture of supervision. This is why I want to welcome the high level of ambition that has been shown by your rapporteurs throughout the past few months: Mr García-Margallo y Marfil, Mr Skinner, Mr Sánchez Presedo, Mrs Goulard, Mr Giegold, Mr Tremosa i Balcells and Mr Balz, and particularly the level of ambition concerning the power of these authorities and their legally binding authority.
We find here the spirit and the philosophy of the Commission’s proposals. We found some new ideas there, which we should use, to improve the European system of financial supervision, as well as the reinforcement of consumer protection that Mr Giegold proposed, notably to prohibit certain financial products. I am thinking of the role given to the authorities in the identification of systemic risks and in crisis situations. I am thinking of the reinforcement of the joint committee, as advocated by Mr Skinner. I am thinking of the improvement in the transparency of the markets, which we discussed in the context of the Omnibus Directive that Mr Sánchez Presedo is piloting.
These are only a few examples: the most difficult things still lie ahead of us. Naturally, we have done a lot of work or, in any case, I have worked with you, for five months. We have made a lot of progress, but even if we are in the final straight, as I hope we are, we have not yet arrived at an agreement and what I would call a dynamic and credible compromise so that this can function. Although she is not here today, I want to welcome the Belgian Presidency, who, from the first few hours – 1 July, 10.00 in the morning – has responded through her finance minister, Didier Reynders, and who participated, very late yesterday evening, in a trialogue with many of you.
I want to repeat what Mr García-Margallo y Marfil said. We need the Council to understand that now is the time to act and to make progress. Others have also said this. In any case, the Commission, with the competences that it has, will do whatever is necessary to encourage the Council to seize the opportunity that you are giving it – this is my understanding of the situation. The ball is in its court to use these few days to reach an intelligent and credible agreement. You can count on me to be available.
I would like to say a few words on crisis management and prevention in order to thank Mrs Ferreira for her commitment. I have myself believed in precautionary measures for a long time. I have thought for a very long time that, as regards ecological risk, industrial risk and financial risk, the polluter must pay, that a cure always costs more than prevention, and that, when we need to prevent or cure, it is not the taxpayers who should be called upon first and foremost.
That is the spirit of the toolbox that we will be presenting to the Council of Ministers. We will bring forward many of the tools that Mrs Ferreira herself proposed, and we will translate these proposals into legislative proposals. I make the commitment that a legislative text will be presented to you. This is a subject on which I committed myself on the very first day – on 13 January – before you and before the ministers, during the course of my hearing and at the Ecofin Council in Madrid. You can count on me to present this credible toolbox, relying on the proposals of Mrs Ferreira, because, once again, I am convinced, in this area as well as others, that prevention costs a lot less than cure."@en1
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