Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-03-11-Speech-2-013-000"
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"en.20140311.5.2-013-000"2
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"Mr President, I want first of all to say thank you very much to the Commissioner for his kind words, to Mr Balz for the work that he has done, and also to the team we have had to work on Omnibus II. This process has been fraught with interesting dilemmas, mainly surrounding national and industrial issues, but also about how to protect the consumer. We have managed to put those things in balance. It has been marked, I believe, by the fact that it has taken a long time for us to get Solvency II to the starting point it is at, but when I look back to many years ago, when we embarked on this, I have to say that the most remarkable thing is that it is here and so far it is a success, in terms of the parliamentary system at least.
The next years will be most difficult, for the future European Parliament, concerning implementation of this legislation, because quite apart from the technical nature of its internal workings, this law has a very basic and simple truth about it: it was borne outside of and conceived outside of the financial crisis and is the most comprehensive piece of financial services legislation in terms of Solvency II. It deals, therefore, with a complete picture – the big picture – of an industry, and instead of perhaps being forced down the throats of politicians, we have welcomed it and nurtured it along. In that respect, it is a bold experiment about how the single market at a European level can truly work to the benefit of both consumers and companies working within it.
There were elements which make for a very great success for this report. The one I am choosing to talk about today is third-country recognition and how it is clear that we have not cut our nose off to spite our face in order to face the rest of the world. This has been a great success. The team has worked well, and I thank everybody who has performed and worked towards it."@en1
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