Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-105"
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"en.20100922.4.3-105"2
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"Madam President, this historic agreement was only possible thanks to the excellent work of the Belgian Presidency, which supported Parliament’s approach and scored a success where some other Presidencies had failed. True to the key elements of the Larosière report, the European Parliament has secured sufficient clout for the new European supervisors. They will be able to impose binding measures on financial institutions where national regulators fail to take adequate action, provide greater alignment between national authorities and settle their mutual disputes.
Fortunately, with this agreement, we have been able to go much further than the non-committal coordination between national watchdogs that many Member States initially preferred. In the meantime, we have witnessed what a lack of European supervision can lead to. The new supervision structure will better protect not only the bank’s customers but also the taxpayer.
However, there is a downside to this agreement. I regret that Parliament’s call for the supervisors to be headquartered in one place, in Frankfurt, close to the European Central Bank, was rejected. Fortunately, Parliament was able to incorporate a review clause, so that in three years’ time, we can assess whether or not the European supervisors require more powers and whether or not dispersal of the authorities is appropriate."@en1
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