Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-248"
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"en.20100922.20.3-248"2
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"The crisis revealed the weakness of Union supervisory frameworks, which were divided along national borders, and it also demonstrated the necessity of better supervision of supranational financial institutions. European decision makers considered it imperative to introduce a harmonised system of financial supervision. For a year, intensive work has been carried out and efforts made to establish a European structure for this supervisory system. From the very outset, Parliament pushed for strong Union supervision of financial markets, persuading the Council and the Commission to adopt its position. Three new supervisory institutions will be established whose competences will go far beyond the advisory nature of current supervisory committees.
The function of the fourth body, the European Systemic Risk Board (ESRB), will be to maintain careful observation of the market situation and to issue warnings in the event of a growing risk in the European economy. Economic and monetary union require construction of a European System of Financial Supervisors which works well, and the result of today’s vote is an important step in this direction."@en1
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