Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-911"
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"en.20100922.20.3-911"2
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"The recent financial crisis highlighted major weaknesses in financial supervision, both in individual cases and in relation to the financial system as a whole. Supervision models have not adapted to the globalisation that has occurred within the financial system, in which various financial groups conduct their operations across borders with systemic risk. There has, therefore, been no cooperation, coordination or consistency whatsoever in the application of EU legislation. Hence, the aim of this directive is an overall improvement in the functioning of the internal market by ensuring a high level of supervision and prudential regulation, and by protecting depositors, investors and all beneficiaries. It is therefore crucial to safeguard the integrity, efficiency and smooth running of financial markets, to maintain the stability and sustainability of public finances, and to strengthen international coordination and cooperation in the field of supervision. The creation of a European System of Financial Supervisors and the definition of its powers are essential in order to achieve an effective supervision model in all sectors. However, many other steps need to be taken to prevent a recurrence of the truly immoral situations of the recent past, which have damaged economies, shareholders, depositors, taxpayers and the credibility of the system."@en1
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