Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-207"
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"en.20101006.15.3-207"2
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"Madam President, we all know that today’s debate on the agreement reached by the Basel Committee is yet another step dictated by the recent crisis, a crisis which dramatically highlighted the shortcomings and weaknesses in the regulation and supervision of the financial system, reversed what had, until then, been the prevailing doctrine of deregulation of the markets, and highlighted the need for stricter rules, both on capital adequacy and on the supervision of financial institutions.
Against this background, the Basel Committee has reached an agreement which includes certain basic principles and changes which need to be made to capital adequacy rules in order to improve the safeguards to the banking system. As far as the implementation of this agreement in Europe is concerned, Mr Karas’s report highlights numerous important aspects which need to be taken into serious account, such as the peculiarity of the European market, on which 80% of lending is based on bank credits, the need to democratise the Basel process with more active participation by the European Parliament, among other things, and, of course, the proposal to include all euro area sovereign debt as high quality liquid assets, regardless of their credit rating, so as to reduce the impact of rating agencies.
However, I wish to repeat that the new capital adequacy measures are a minimum review and still need more general reform over a longer time frame. Europe, as the Commissioner said, has already taken an important step in adopting the new European system of supervision. We are changing tack and promoting enhanced coordination as a basic preventive tool. However, we must not stop there. We need to take further steps by introducing a supervisory and regulatory framework for agencies which have hitherto been operating without controls, such as credit rating agencies and alternative funds.
We need, at the heart of the proposals which you recently presented, Commissioner, to adopt rules to regulate transactions which are highly obscure and, as such, subject to increased systemic risk, such as the market in over-the-counter derivatives and naked options. Finally, Commissioner, as you referred to the G20 summit in Seoul, we need to lead efforts to introduce a tax on financial transactions, not, of course, to take revenge on or punish the banks, but to limit speculation and send a strong message to the citizens of the EU who are currently paying the price of the crisis, that we expect a fairer distribution of the burden."@en1
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