Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-119"

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"Mr President, I will be brief in saying that my Group had two fundamental objectives in dealing with this proposal from the Commission. The first is to support the Commission as far as possible in its effort to keep it simple and not to include unnecessary complications such as biometric risk. The compromise which Mr Karas has engineered in Parliament is one that we can live with. We would have preferred to have the original Commission proposal in its simplicity, but I recognise the considerable political difficulties which Mr Karas faced and thank him for his efforts in engineering that. The second key objective of my group was to stiffen the resolve of the Commission, to be more liberal and more 'market opening' in its approach to the abolition of quantitative rules. The Commission's draft directive envisages that Member States will be able to continue to set quantitative limits on the operation of pension funds. I am delighted that Parliament looks as if it is going to insist that there is a five-year time limit. I very much hope that the Commissioner abandons any attempt at realpolitik, involving dirty compromises in the Council, and sticks to what is Parliament's clear desire. We want to ensure that pensioners have high returns without any additional lack of security, applying the prudent person principle. Those are the two key objectives for us and if we manage to get them voted in Parliament tomorrow, this legislation will lay the ground rules for a vast growth in private pensions in the Union. It will improve the investment returns to existing pension schemes and thereby improve pensions. It will establish, for the first time, a pan-European investor base for growing and integrated euro-area financial markets."@en1

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