Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-892"
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"en.20100922.20.3-892"2
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"If there is one lesson that we have all learnt from the recent crisis, it is the need to reform the institutional supervision structure by creating European bodies and, in so doing, to rethink the whole concept of macro- and micro-economic supervision.
Personally, and as I have had occasion to say innumerable times, the existence of European supervisory authorities does not scare me. I consider it essential for these to exist and be able to carry out their mandates independently and competently, reinforcing the confidence of the markets and their players. Europe urgently needs to develop specialised capacities for macro-prudential supervision to detect systemic risk – in other words, to detect risks to financial stability at European level – and, when necessary, to sound the alarm and ensure that the situation is monitored.
However, the supervision structure that we are currently adopting, and especially the European Systemic Risk Board (ESRB), which will not be able to impose measures or sanctions on Member States or financial institutions, relies, to a large extent, on the European Central Bank (ECB) being able to carry out its activities and undertake the tasks assigned to it. I believe that the prestige and reputation of the ECB will be an added value for the new ESRB."@en1
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