Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-08-Speech-3-016"
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"en.20100908.3.3-016"2
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"Madam President, Commissioner, first of all I should naturally like to add my congratulations on the good result obtained in the area of supervision.
As Mrs Goulard reminded us, Parliament’s effort has not been in vain, and in December something new and unique happened: a statement was issued by the four coordinators of the main groups saying that Europe needed to play a greater role in this supervision. Thanks to your dynamism, Mr Reynders, a good solution has been found. The Commission has clearly worked hard, and I welcome the financial services programme announced to us by Commissioner Barnier.
It is fortunate that this happened, that this agreement was reached, because the EU’s financial credibility, its financial credibility in the eyes of our fellow citizens who, since the crisis have been asking us, ‘What is the EU doing? What concrete results have you achieved?’ is ultimately at stake. We can tell them that we are thinking about and working on this issue, that we are holding trialogues and meetings, but what they want is results.
The EU’s credibility in the eyes of our international partners, particularly the US, is also at stake. I have recently been in contact with representatives from the US finance sector and, ultimately, what bothers them about the EU is this impression of legal uncertainty: we change regulations; we introduce revision clauses and sunset clauses; we do not build anything solid. I think that legislation must be definitive, albeit subject to amendment. We must not, above all else, give the impression that we are going to amend the texts two or three years down the road.
Madam President, Mr Reynders, I should like to plead on my behalf: a very important trialogue will take place this afternoon with Commissioner Barnier and my colleagues on the regulation of hedge funds. It is essential that we find a solution soon. I am very conscious of the commitment on the part of the Belgian Presidency and of your personal commitment. We must reach an agreement over the next few weeks, so that next time you report on ECOFIN’s work, you will be able to say, ‘An agreement has been reached on the regulation of hedge funds.’ We are counting on this, and I know that you also are counting on it. We must now take the final step so that the right solution can be found."@en1
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