Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-15-Speech-4-099-000"
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"en.20111215.5.4-099-000"2
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"Madam President, competition policy in the EU brings enormous benefits to business and consumers, as well as making a substantial contribution to completing the implementation of the free movement of people, capital, goods and services. As a result of the worldwide financial crisis, however, the environment has become a little tougher. Thus, aid to the banks in EU Member States may be questionable in terms of market economics, but it is nonetheless something that cannot be avoided. In the Committee on Economic and Monetary Affairs we insisted that these measures must be linked to strict regulations beyond 2011. Distortions of competition are to be avoided, all aid that leads to greater market clout for a few large banks is to be questioned. We are calling for sanctions, such as monetary fines, for example, whenever anticompetitive practices are uncovered. Violations of antitrust law should receive stiff penalties, transparent framework conditions should provide for greater competitiveness in implementing the single market for energy, as well as in the still underdeveloped area of cross-border transactions. The same should apply to rating agencies, which tend to abuse their dominant position. The EU must be ready to play an active role in international networks, taking on positions of leadership.
We are very much indebted to our colleague Mr Schwab for this ambitious report. He is sending a clear signal for how fully functional competition can be achieved."@en1
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