Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-928"
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"en.20100922.20.3-928"2
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"The recent financial crisis has highlighted major weaknesses in financial supervision, at both micro-prudential and macro-prudential levels. 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 to improve the functioning of the internal market by ensuring a high level of supervision and prudential regulation, and by protecting depositors, investors and all beneficiaries; in truth, its only fault is that it does not go far enough. 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. I believe that the creation of the European Systemic Risk Board is essential in order to achieve an effective supervision model, and in order to avoid the systemic risk caused by the cross-border nature of large financial groups. 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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