Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-209"
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"en.20101006.15.3-209"2
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"Madam President, firstly, I would like to say I am very pleased that the European Parliament has taken up this matter, especially because this report arose at Parliament’s initiative. I would like to congratulate Mr Karas very warmly.
In the last decade, we have seen unprecedented development in the different types of financial innovation and new instrument available. It is often these instruments, in fact, which determine the nature of the market today. I think that an essential condition for effective supervision is, in this situation, to be in possession of truly reliable knowledge about what is happening in these markets. Meanwhile, the financial instruments which have become so popular have reached a degree of complication which significantly hinders supervisors in making an appropriate evaluation of the risk associated with them.
Besides these new instruments, we have to be aware that the market is changing and is globalising very rapidly, and that in the confrontation between the globalised, evolving market and national supervisors, these instruments are completely inappropriate and the supervision unsuccessful. The growth of financial institutions is also causing, in a certain sense, a lack of monitoring where the supervision takes place, and the supervision, therefore, is also hampered.
By all this, I would like to say that there is a lack, in fact, of an overall view of the sector, both concerning the geographical aspect and concerning the sector’s activity itself. Understanding the relations between the parties which are active in the sector, as well as the evolving nature of the activity itself, are, I think, crucial for the security of the financial system on a global scale. It seems to me that this has been lacking hitherto.
The current Basel regulations concern, in fact, capital, and I am glad that the new measures are implementing the requirements associated with aspects of liquidity, as well as mechanisms of counter-cyclical policy. The measures proposed in this area should be welcomed. In the context of the low effectiveness of capital indicators as an advance diagnostic measure, stability of the system and the attempt at standardisation of liquidity coverage ratios should be assessed positively in both the short-term and long-term perspective, because it was, after all, liquidity problems which necessitated the measures to save the banks, to which we were witnesses."@en1
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