Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-03-Speech-4-119-000"
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"en.20110203.21.4-119-000"2
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Mr President, ladies and gentlemen, the vote that you are going to cast with the utmost responsibility is a very important one.
It is a case of choosing the chairpersons of the three supervisory authorities – for banking, insurance and markets – and hence of getting these three new authorities up and running. Together with the System Risk Board, they will at last constitute the first real European financial markets supervisory architecture, and they owe you a great deal, since it was thanks to a vote by this House that the authorities were created and their powers strengthened.
You are going to cast this vote with the utmost responsibility, and we shall respect your decision. As it was my responsibility within the Commission, I undertook the job of selecting the candidates from the 275 people who applied, whom I did not choose. They were people from the Member States and the regulatory authorities who freely submitted applications. It was an open and transparent process in which anyone could participate if they so wished.
At the end of this process, I personally met the people pre-selected. I have to say, Mr Schmidt, that I myself regretted the fact that, for one of the three posts – the European Banking Authority post – one of the two people pre-selected, a high-calibre female applicant, withdrew at the last minute, just before Christmas. The first commitment that I wish to make is to ensure that the ongoing process of appointing the executive directors – just this morning, I met the candidates pre-selected for one of the authorities – is more balanced and that there is greater diversity of representation, especially from the point of view of gender equality, which is a legitimate demand of the European Parliament.
We selected these candidates on the basis of their skills, expertise, commitment to Europe and independence. I shall do the same thing when it comes to the executive directors, so that these three authorities have the credibility and the authority required.
Ladies and gentlemen, this vote is important. In a letter sent to Mrs Bowles and Mr Lehne yesterday, I pledged – and I confirmed that pledge to you this morning with Vice-President Šefčovič – that we would give these three authorities the practical, financial and human resources necessary to ensure that they have the credibility and independence they require, and I understand that the Presidency has pledged the same things.
These three authorities have a heavy workload ahead of them, with regard to the stress tests, credit rating agencies and the texts that you are discussing at the moment concerning the regulation of derivatives and short selling. There is no shortage of work. We know that the markets move at a much faster pace than democracy. I have confidence in Parliament as it prepares to vote, and I confirm the commitments made by the Commission to ensure the independence, practical resources and credibility of these three new authorities."@en1
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