Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-044-000"
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Madam President, I should like to thank all of the MEPs, to whom I naturally listened very carefully, for their contribution. All the questions that were asked and the points that were emphasised enhance the work done by the rapporteur, Mr Langen, on all these points and the intelligent responses that have been given.
Mr Canfin, you are right about the need to prevent any prudential competition with regard to the security conditions in which clearing houses must operate. I would also like to say that, on this point, I think it is a good idea for the European Systemic Risk Board to be able to play a part in this supervision. This point will definitely need to be looked at again in trialogue. Mr Gauzès mentioned my concern to build this structure with you and with the Council, brick by brick, product by product. We have here an important – major – brick, when we see the volumes of trade involved.
He also mentioned ESMA. This is a key point; we must use every text we have, ladies and gentlemen, to make this mechanism – one that you sought to introduce by means of a regulation and to equip with powers which we must not backtrack on or erode – as strong and as effective as possible. I am well aware of the attempts to withdraw and defend one’s territory in relation to each of these texts. Like you, I am anxious for ESMA to be able to exercise all the powers and exert all the influence that it has been given, thanks to you in particular.
Mr Domenici mentioned over-the-counter derivatives. Naturally, this is where there is the most risk and the greatest lack of transparency, hence the G20 decision and the Commission proposal. We are of course very mindful of our relationship with the Council, Mr Domenici, and I should like at this point to thank the Hungarian Presidency for all the efforts it has made to advance this text.
I should like to say a word about a subject that I became interested in a very long time ago, long before I started in this job in fact: commodities. Mr Canfin, Mr Klute, Mr Tošenovský and Mrs Flašíková Beňová, a moment ago, raised the issue of commodities. I wish to say that the text on derivatives is important for this reason too, ladies and gentlemen, because all the derivatives used on the commodity markets, whatever the nature of the commodity, are going to be covered by this requirement for transparency, standardisation and accountability.
We must not stop there with regard to the issue of commodities and the management of the risks of speculation – I was going to say hyper-speculation – which accelerate price volatility, often at the expense of the most vulnerable populations, particularly in certain African countries. We are going to put forward proposals on position limits and accountability, but the text that you are going to adopt – in a few weeks I hope – and the amendments on which you are going to give your verdict are one way of ensuring transparency and accountability on the commodity markets.
To conclude, Madam President, I should like to say a word about pension funds, as mentioned by Mrs Swinburne and Mrs Wortmann-Kool. We must not create loopholes in the law. We have identified a specific problem presented by these institutions, which are essential for many Europeans, and we will be proposing – as you know – limited transitional measures to deal with this issue.
I should like to mention briefly a number of important issues in response to your questions.
Firstly, I should like to thank the Chair, Mrs Bowles, for the very important work that has been done by the Committee on Legal Affairs and for the valuable contribution it has made to several points in the text. Mrs Bowles also helpfully pointed out that derivatives serve a purpose. Banning them outright is no good, and it would also be completely unrealistic; they can serve the real economy. Moreover, that is why – and I say this to Mrs Ford – we have introduced a number of exemptions for when companies use these products to cover themselves against certain risks and to protect their business. However, when companies use these products in the same way as banks, there will be no exemptions.
This is not about banning derivatives, but about ascertaining how they are put together, presented, used, exchanged and covered, which has clearly not been the case in all the years gone by.
Mr Gauzès, Mr Goebbels, Mr Domenici, Mrs Wortmann-Kool and Mr Mann, just now, mentioned the lack of transparency that the rapporteur and I have highlighted and which explains the need for this text. It is clear that the lack of transparency is at the heart of the crisis and that derivatives were actually one of the causes of the crisis because they were not transparent, controlled, cleared or standardised.
I am grateful to Mr Canfin for having pointed out – and I admit he is right – that a number of points in the Commission text were improved thanks to Parliament. I shall come back to another point raised by Mr Canfin.
I recall that Mrs Bowles and Mrs Gáll-Pelcz raised the issue of trade repositories, which will indeed play a central role. They will register all transactions, ladies and gentlemen. Trade repositories are crucial to ensuring that the regulator can work effectively. To this end, we discuss – I was going to say every day – the technical side of things with the United States and the US regulators, in order to guarantee access to information derived from our coordinating mechanisms – Mrs Swinburne raised this point – and full, complete and sincere reciprocity between the US and Europe. We are not there yet, but we are also currently engaged in a voting process connected with the Dodd-Frank Act and the texts that the US regulators may introduce, sometimes even without a legislative measure, and that we here in the Council and Parliament may bring in as well.
Indeed, I would welcome an agreement to prevent any positions that breach competition rules and hence generate additional costs for the economy.
Lastly, I would say to Mrs Bowles that of course there will be no exemptions without a prior assessment by the European Securities and Markets Authority (ESMA)."@en1
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