Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-409"
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"en.20100706.28.2-409"2
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"Madam President, I would like to start by thanking the rapporteurs very seriously for their enormously hard work, and the Commissioner, the Members of the Parliament and the Presidency who were still patiently negotiating at nearly midnight last night. We all agree that the ESRB and the ISAs will allow for a completely new and necessary approach to the management of financial risk across Europe; it is good, but it is not easy.
The package is five different directives which themselves amend or affect 11 more, and there are significant changes to the ways national regulators, central banks and ministers will interact. I am extremely pleased to see how close we are to a final agreement. Of the 67 articles in the ISAs, I can already see agreement on 64, and, of the three that remain, most of the sub-clauses are agreed. We should all, and the rapporteurs themselves, be very proud.
Please, next week, keep an open dialogue during the negotiations at ECOFIN. We need to get these authorities established, ensure that they have high quality staff and, if necessary, add to powers later."@en1
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