Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-075"
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"en.20100922.4.3-075"2
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"Madam President, I would like to thank the Commissioner and Mr Reynders. I would also like to thank David Wright very much for his activity, as well as my colleagues around the room. We have been quite successful.
However, you are either captured by the moment or you capture it. A financial crisis has given life to new agencies, which are much needed and very welcome at this time across the European Union and perhaps even across the globe, but the power invested in these institutions also has to be a responsible power. Ambition, therefore, must have a purpose, in order for there to be any fulfilment, and that purpose must be shared by our citizens whose jobs and livelihoods depend upon us getting it right.
There is no doubt that the discussion between Member States and Parliament has often led to tensions during this debate, but none of us have completely got our way and all of us have been successful in delivering what will, I believe, be a success.
Parliament has pushed for greater powers at European level. Of course, this has been against the background of being against the wishes of Member States. Some in this House will want to go further in creating direct supervision, particularly in the area of central counterparties, for example. We all have to caution against adventure over ambition, but let us have proper measured responses when we get to fill in the blanks which will come later.
Financial stability at this time depends upon the years – and sometimes decades – of experience of thousands of nationally-based people who have experience of financial services. They have been the first front line in preventing problems. The national governments have proved that they can also bail us out when it comes to meltdown. However, this has been about fortune rather than design. These new institutions give us the chance to have design. That is what has been missing and that is why it is so important to have it fulfilled.
The agencies do have practical issues involved. We will have a joint committee, which I have been very proud to help champion. The joint committee should be a vehicle for coordination, exchange of information and joint decision taking. It will be the platform for focusing; these agencies work on eliminating systemic risks. We have also insisted on giving the Head of the ECB control over monitoring risk at the aggregate level, but if we have to ask Mr Bernanke whether his reputation was enhanced, I think he might say ‘No’ about having such powers.
So, avoiding the casino-style financial operations of the past – yes – but being responsible ourselves as regulators, we have to be very measured as well. There should be regulatory ambition, but this is also about people’s pensions, their savings, their houses and their jobs. I welcome the supervisory infrastructure that we have. It is young, but it will have to grow up very quickly indeed."@en1
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