Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-268"
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"en.20100707.23.3-268"2
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"We have voted today, among other things, on proposals concerning the legislative package on financial supervision in the European Union. The dispute over the form of financial supervision concerns the extent of the powers given to the newly established European institution supervising the operations of the banks, insurance companies and financial markets. We must proceed with cool heads in our justified efforts to avoid a repeat of the financial crisis, and not give in to hysteria. The European financial market institutions should properly complement the national ones, rather than elbowing them off the playing field. The problems of a bank, insurance company or investment fund should always be resolved by the supervisory authority which is closest to the situation and which can therefore assess and evaluate it most sensitively. In many cases, this is not and will not be a European regulator. In my opinion, it is essential to have a national government veto over decisions of the European regulators, in order to prevent the seductive but dangerous application of a uniform procedure in a disaster situation which might vary across the financial markets of the Member States. Newly established European financial supervisory institutions with practically unlimited powers would be like a Leviathan, to which the states would trustingly surrender their sovereign power, and which would be all the more vulnerable in the event that this power was used incorrectly or even abused."@en1
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