Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-889"
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"en.20100707.23.3-889"2
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"The need to ensure conditions for stronger and more effective European supervision of financial markets has gained strong backing in Parliament, which has become greater and more evident as the current economic and financial crisis has progressed. A country-based surveillance system, based on the individualistic perspective of each Member State, looks increasingly inoperable and unreliable given the global coverage of financial markets, which are becoming increasingly integrated with one another as they develop. I therefore support this proposal for a legislative resolution by Parliament. Adequately equipped with technical support and building the capacity and resources of the European Central Bank, the European Systemic Risk Board (ESRB) will undoubtedly have a decisive role in the EU to act earlier and more rapidly by analysing information about the development of systems and identifying possible risks. This will be essential in preventing new crises, or, if they are inevitable, mitigating their negative impacts and quickly finding ways to reverse the trend."@en1
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