Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-883"

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"en.20100707.23.3-883"2
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"I voted in favour of the resolution as I agree with the recommendation that Parliament made to the Commission to present Parliament with one or more legislative proposals relating to an EU crisis management framework, an EU financial stability fund and a resolution unit by 31 December 2010, pursuant to Articles 50 and 114 of the Treaty on the Functioning of the European Union. These should be in accordance with the recommendations set out in the Annex, taking into account the initiatives taken by international bodies such as the G20 and the International Monetary Fund, so as to ensure equal operating conditions worldwide, and based on a thorough analysis of all available options, including an impact assessment. I believe that the mechanisms for financial sector supervision that currently exist within the EU and at international level have proven ineffective in the prevention or sufficient containment of the effect of contagion. The participation of shareholders and then creditors is essential in the redistribution of costs in order to minimise the costs borne by taxpayers as a result of crises in financial institutions and markets. Moreover, a strong internal financial services market is crucial to the global competitiveness of the EU."@en1

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