Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-15-Speech-4-227-003"
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"en.20111215.23.4-227-003"2
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"In my view, the competition policy put in place by the EU has brought numerous benefits in terms of consumer welfare and has been an essential tool to eliminate obstacles to the free movement of goods, services, persons and capital. In particular, I believe that the temporary regime applicable to state aid has been very positive as an initial reaction to the recent economic and financial crisis. With specific reference to state aid in the financial sector, I agree with the rapporteur in his invitation to the Commission to link the extension beyond 2011 with more stringent conditions related to the reduction of the balance sheet composition and size of certain financial institutions. While I appreciate the role the Commission has played thus far in minimising the distortions in the banking system thanks to a balanced interpretation of the European law on state aid, I believe that we need to introduce a new permanent regulatory system for in the application of state aid rules, in particular as regards the financial sector, and to quickly come forward with the relative legislative proposal to address at European level resolution of the problem of failing banks."@en1
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