Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-931"

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"en.20100922.20.3-931"2
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"I am voting in favour of the majority of this report’s proposals and the creation of a European Systemic Risk Board (ESRB). The European Parliament, aware of its responsibilities and making use of the new powers granted to it under the Treaty of Lisbon, must be called on to play a key role in improving the EU’s supervisory framework. As it is impossible to resolve the weaknesses of the existing supervisory structure, which the current financial crisis has underlined, it has become even more pressing to create mechanisms for macro-prudential supervision that are capable of guaranteeing the stability of European financial markets. It is also important to safeguard the unity of the single market as well as equipping the EU with instruments that will enable it to defend the euro and other international currencies at global level. I would also like to stress the important contribution that the ESRB introduces through the proposal for it to take on macro-economic analysis at European level so that it can analyse potential systemic risks. With the weaknesses in micro-prudential supervision at Member State level exposed, I believe that close collaboration between the ESRB, central bankers, supervisors and the ‘real economy’ will not only legitimise the actions of the ESRB but will also make a significant contribution to the effectiveness of those actions."@en1

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