Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-915"
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"en.20100922.20.3-915"2
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"I am voting altogether in favour of the measures tabled in this report in respect of the powers of the European supervisory authorities (ESAs). Despite having laid bare the weaknesses of the financial market, the current situation of the European and world economies is a good opportunity for the EU to develop a stronger framework for supervision and regulation that is more consistent with the needs of a globalised economy. The Union’s responses to the crisis must be bold, both at the level of macro-prudential supervision and regulation, and at the micro-prudential level. I think that the new supervision architecture should be based on the precautionary principle, because I recognise the underlying complexity of its design. It is also important for the ESAs to have the effective capability of going beyond monitoring the systemic risks of national financial institutions, and to also be able to assess cross-border and systemic risks at European level, as well as international systemic risks."@en1
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