Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-401-906"
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"en.20121120.28.2-401-906"2
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Since the start of the financial crisis in 2007, the G20 decided upon a whole series of regulatory measures to make the financial system safer and more sustainable. A great deal of legislation has been developed for the financial sector, but the shadow banking system has lagged behind as regards the changes that have occurred in the rest of the financial system, remaining outside the scope of regulation. With this in mind, the European Commission launched a Green Paper to open discussion on the regulation of this sector which includes activities such as repo transactions, security lending and securitisation. Shadow banking activity could create many risks and instability in financial markets if it is not regulated and supervised and, in this regard, the Commission is committed to producing guidelines to increase the overall transparency of activities in this sector and keep the potential for an increase systemic risk under control. The report also urges the European Commission to create mechanisms for a better analysis of risk transfers in the financial sector. I voted in favour of this report because I believe that we clearly need to establish standards that oversee and set rules for the functioning of shadow banking and that provide greater stability, robustness and transparency in the financial system."@en1
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