Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-06-12-Speech-3-007-000"
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"en.20130612.2.3-007-000"2
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"Madam President, during this mandate we have had a deluge of financial services legislation from the Commission: starting with AIFMD and the establishment of the European Supervisory Authorities, progressing through numerous banking and market measures, depositor and investor protection, and with the Single Resolution Mechanism still awaited. In all, there are over 40 initiatives that have been completed, are under way or are expected soon.
The Committee on Economic and Monetary Affairs (ECON) has long demanded an impact assessment on the financial legislation, and as much of it is now completed I remind the Commission of its commitment to do a cost-benefit analysis on the proportionality and effectiveness of the legislation adopted since the beginning of the financial crisis. This should be launched now and completed before the end of this mandate. You may also be aware, Commissioner, that the ECON Committee has launched its own second investigation and is collecting evidence now.
Concerning the flow of work, two things have been characteristic. First, that many proposals have taken the Commission longer than expected or hoped. There are some excuses, but it remains a fact that there have been long delays, such as for the resolution mechanism which Parliament wanted at the same time as the ESAs back in 2009, and also the long-awaited Securities Law Directive. Yes, these issues have difficult legal problems. That is all the more reason why we should have them early so that the co-legislators can get to work.
The second characteristic is that Parliament has worked both fast and diligently, providing input to the Commission in advance of legislation and in response to consultations – and much faster than the Council, so now there is a backlog with important proposals that stand little chance of getting to trialogue. There are others where, for lack of consensus in the Council, the Council is eating up all the time, for example on MiFID and central securities depositories. Harry Potter may have to battle death-eaters. Here in Parliament we seem to have to battle time-eaters in the Council.
So we urge the Council now to make the necessary progress so that trialogues can begin. And I give advance warning to look at the Parliament positions, because we will not yield to the oft-played line that it is ‘a delicate balance in the Council’. Indeed, the more we are disappointed by proposals being stuck in the Council, the more we will be determined to press our points in those that do reach trialogue.
In our ECON coordinators’ meeting yesterday, it was agreed that there would be no wind-down or slackening, despite the forthcoming elections. We will continue to work on all the dossiers as they come along, in addition to completing first readings on all the proposals that are currently on the table. I do understand prioritisation and that doing a little bit of everything and completing nothing is not the thing to do in this latter part of the mandate, but we do expect redoubled efforts from the Council on pending proposals, to get as many as possible agreed before the end of the current Parliament’s term.
Banking union is, of course, a priority for stability of both banks and sovereigns and so we urge the Commission to adopt quickly its proposals for establishing a single resolution mechanism. And to complete work on the banking side, following capital requirements and resolution, we also ask for the follow-up to the recommendations of the Liikanen Group on bank structural reform. Again, I reference the missing link of the Securities Law Directive.
But finally, and as I have already confirmed several times to the Lithuanian Presidency-in-waiting, access to basic bank accounts is a high priority for many citizens. We have spent thousands of hours on high finance and big business matters. Now is the time to show that we will look after everyone in our society by giving access to this vital tool of modern life: a bank account. It would be reprehensible for the Council to push that to one side as less important. It must be done."@en1
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