Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-01-18-Speech-1-219-000"
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"en.20160118.18.1-219-000"2
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"Mr President, firstly, I would like to offer my congratulations to the rapporteur on this report. I believe it strikes the right balance between improving channels of funding to the real economy and at the same time undertaking a comprehensive assessment of the cumulative impact of the EU Financial Services Regulation – identifying shortcomings and loopholes, but not deregulating.
The ongoing crisis in China demonstrates the importance for us not to forget the lessons that we learned from the financial crisis and the need for a robust financial regulatory framework. It is important to keep this perspective. Also this initiative, the Capital Markets Union, is not going to be a panacea. It is not a miracle solution that will solve the level of growth. However, it can deliver alternative sources of finance to companies in the whole of the EU, and not just to the ones in the handful of Member States where we have developed capital markets.
The challenge in front of you, Commissioner, is this: can we really speak about a financial services union, a place where capital can circulate freely, unhindered by extra layers of national legislation? Not really. It is critical that you address this, otherwise the EU investment funds will remain a drop in the ocean compared with the American ones. The Commission must tackle national fragmentation urgently. Alongside action on this, it is important that mid-caps are able to maximise their potential. Therefore, the prospectus proposal has to be a real gateway to the capital markets for this group. It has to be short, effective and affordable and, at the same time, an instrument that truly informs investors about securities."@en1
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