Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-022-000"
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"en.20110704.19.1-022-000"2
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Mr President, ladies and gentlemen, the rapporteur, Mr Langen, just highlighted the obligation that we have, with this and a number of other texts, to learn everything we can from this financial crisis. It has been an extraordinarily intense crisis and, despite what some bankers may think, it is not yet over. Their crisis may be over, but the crisis, with its associated economic and social consequences, is not.
For my third point, I would like to say a word about third countries. Let us be clear, ladies and gentlemen, I do not want to see the duplication of pointless rules. During my recent visit to the United States – the third in the space of a year – I identified with the finance minister, the regulators and the supervisors the risks of what we called ‘underlaps’, or the gaps between transatlantic legislation, and the risks of overlaps, or the duplication and overlapping of pointless rules. One of the keys to the success of this reform lies in the management of regulatory arbitrage risks and of the extra-territorial impact of third-country legislation on the Union.
However, we must stop being naive. Our aim must be to establish a level playing field based on the mutual recognition, but not the extra-territorial application, of third-country law. This is what is meant by sincere and full reciprocity.
I note, moreover, that Parliament has adopted amendments aimed at developing a mechanism for coordination with third countries. I hope that we will be able to expand on this discussion during the trialogue.
Those are the points I wished to make quickly and precisely, Mr President. I am grateful once again to your rapporteur, Mr Langen, for the very important work he has done with all of his colleagues, the shadow rapporteurs and the coordinators from the various groups, whom I also thank.
We have a duty, product by product, sector by sector, market by market, to establish intelligent regulation and effective supervision. We need to do that, but it will not be enough. We also need to ensure that the people of Europe, from whom we are demanding great efforts at the moment, feel that those efforts are fair and equitable, as well as necessary. That is why I was pleased to stand alongside President Barroso a few days ago when the Commission proposed the creation of a tax on financial transactions, and why I am currently working on new rules on certain types of pay and bonuses which can be neither justified nor explained in the present circumstances.
Let us return to the agenda of ambitious reforms that we have undertaken together. Ladies and gentlemen, together with the Council, we have introduced a new supervisory framework, enhanced supervision of rating agencies – the previous arrangements being insufficient – additional capital requirements for our trading book and, as I just mentioned, a first set of rules on pay.
Shortly – in a few weeks’ time – I will present a fundamental text on the bank capitalisation rules required to implement the Basel III measures in July and the bank management and resolution measures in September and, finally, to undertake the major review of the very important Markets in Financial Instruments Directive and Market Abuse Directive in early autumn.
We have met today to talk about what is, as Mr Langen pointed out, a very important and fundamental issue, namely the regulation on derivatives. Our aim is to improve the functioning of the markets, which, as he said, carry out some EUR 600 000 billion worth of transactions. They were at the heart of the crisis; obscurity was at the heart of the crisis. The timetable for this reform is very important. I said this to the finance ministers again last week. We need to honour and implement the G20 commitments, and we need to do so in particular before the end of 2012.
We need to honour our commitments, therefore, and that is why I am pleased to hear you confirm, Mr Langen, that you have come to an agreement with several groups enabling you to take the few weeks that you need to reach a proper agreement at first reading – I believe that this is possible, and I believe that it is necessary. In particular, an agreement that still needs to be reached on three important issues for the Commission: supervision, scope of application and third countries.
Mr President, I should like briefly to discuss these three points, starting with supervision. I hope that the European Securities and Markets Authority (ESMA) and the supervisory colleges will continue to play an important role in this regard.
We are talking about markets and infrastructure that, although not national, are at least European, and even often global. Effective coordination between European regulators is therefore crucial. I believe that the Commission proposal on this point is balanced. It successfully reconciles the Member States’ primary responsibility regarding approval and supervision with the allocation of important tasks to ESMA and the supervisory colleges, as you requested.
My second point concerns scope, and clearing, reporting and access obligations. I broadly support an enlarged scope for reporting. As regards mandatory clearing, I listened carefully to Mr Langen’s position. A broad scope has both advantages and disadvantages, as we know. Although a broad scope enables us to close certain loopholes in the law and to ensure convergence with the US approach, we cannot ignore the sensitive nature of this issue."@en1
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