Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-516"

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"Mr President, Mr Chastel, Mr Barnier, Mr Gauzès, ladies and gentlemen and shadow rapporteurs, I am indeed pleased that we have now taken this step and that for the first time, a sector of the European financial system will be placed under direct European supervision. It is also a step towards a strong Europe in an internal market and the firm control of a sector that contributed to the crisis. I would like to make one more comment on this. Mr Barnier, the selection process is, of course, currently under way for the new authorities, and the new authorities are only as good as their staff. I can only hope that the staff will genuinely be selected on the basis of expertise, independence from the financial industry that they are to control and the clear desire to serve in the public interest, and that we will not see national quotas again in the selection process that disregard these important criteria. In addition, we still have a great deal to do in the area of credit rating agencies. We still have no real transparency when it comes to the information with which the credit rating agencies work and there is far too great a use of regulatory ratings in the financial sector and in the regulations governing the financial industry. We have serious conflicts of interest, we quite clearly have a market power of three major providers and there is no liability for negligently issued ratings. Commissioner, it is good that the consultation is now under way and we await the results with interest. Civil society, in particular, should be involved in this consultation, but then you need to put forward a courageous proposal. I am already looking forward to your proposal. Please be as courageous as you have been up to now, and let us produce legislation together during the next year that solves the problems that are still present on the credit rating market in a genuinely European way. We owe this to our citizens."@en1

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