Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-03-Speech-4-481-000"
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"en.20110203.25.4-481-000"2
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"The recent financial crisis has highlighted major weaknesses in financial supervision, both in individual cases and in relation to the financial system as a whole. Supervision models had a national perspective and did not adapt to the globalisation that has occurred within the financial system, where various financial groups conduct their operations across borders, with the systemic risks that this entails. There has, therefore, been no cooperation, coordination or consistency whatsoever in the application of EU legislation. I have understood that the creation of the European Banking Authority is essential to achieve an effective supervision model. However, many other steps need to be taken to prevent truly immoral situations such as those that took place in the recent past – which have damaged economies, shareholders, depositors, taxpayers and the credibility of the system – from reoccurring. I am therefore voting in favour of the choice of Andrea Enria as first Chair of the European Banking Authority, and wish him a term of high quality in all senses."@en1
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