Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-408"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-07-06"^^xsd:date2
dcterms:Is Part Of	lp_eu:Specific tasks for the European Central Bank concerning the functioning of the European Systemic Risk Board - Powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority - European Securities and Markets Authority - Macro-prudential oversight of the financial system and establishment of a European Systemic Risk Board - European Banking Authority - European Insurance and Occupational Pensions Authority - Cross-Border Crisis Management in the Banking Sector (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20100706.28.2-408"2
lpv:hasSubsequent	lp_eu:2010-07-06-Speech-2-4092
lpv:speaker	lp:Edward Scicluna2
lpv:spoken text	"Madam President, firstly, I would like to congratulate all rapporteurs on their work on this package of highly significant reforms. This overhaul of the EU’s financial architecture has been a huge undertaking for the Committee on Economic and Monetary Affairs and has dominated much of my first year as an MEP. I am glad that it appears that we are close to agreement. A proper functioning of Union and global financial systems and the mitigation of threats requires better consistency between macro- and micro-supervision. In retrospect, it seems astonishing that we did not have a single EU-wide macro-prudential body doing just this. Our financial markets for countries both inside and outside the eurozone are so closely integrated that an oversight body looking at market trends, asset bubbles, future causes of systemic risks and imbalances would perhaps have led to a faster, more coordinated response to the crisis. The crisis has demonstrated many things: that our regulatory framework was not robust enough; that markets do not always self-correct; and worse, that they were exposed to unmonitored systemic risks. I welcome, in particular, the establishment of the European Systemic Risk Board, a body designed to act as a watchdog giving an early warning of systemic risks or imbalances. In this regard, the most immediate priority is to provide a qualitative definition of systemic risk to enable effective functioning. The recent development that stress tests are to be published for some of the largest banks in the EU is welcome. I hope the Commission will follow this example, by likewise carrying out and publishing stress tests for public finances of all Member States on a regular basis. In conclusion, Parliament has put in an enormous effort and showed political will to compromise and agree this package of reforms before the recess, but we should take heart that the deal is within sight and we can still have these reforms in place before January 2011."@en1
lpv:spokenAs	unknown; Partit Laburista (2009-07-14--2013-03-12)3 member; S&D (2009-07-14--2013-03-12)3 vice-chair; ECON (2009-07-16--2012-01-18)3 substitute; Delegation for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN) (2009-09-16--2012-03-12)3 substitute; ENVI (2009-07-16--2012-01-18)3 member; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2013-03-12)3
lpv:unclassifiedMetadata	"Edward Scicluna (S&D )."1
lpv:videoURI	<go to Events_and_structure europarl>2

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