Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-053-000"

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"Madam President, Mr Barnier, Mr Stolojan, ladies and gentlemen, we share the opinion that this report is necessary in order to correct a poorly drafted report from 2002 and a poorly drafted Financial Conglomerates Directive. The directive in question was drafted in the spirit that prevailed prior to the crisis, when it was felt that regulation should be less rigid and that exceptions should be permitted. As far as the legislation is concerned, it is right that we have now corrected this. It is also right that the Joint Committee of the three supervisory authorities – in other words, those for banking, for insurance and for securities and markets – is now at last being given greater powers in respect of these institutions; overarching powers which extend beyond the segregated area of banking or insurance. What has also become clear, however, is that this principle of segregation into three separate supervisory authorities is no longer appropriate when we look at the actual reality in the financial markets, and that we did not go far enough at the time. It is a pity that the most important and most relevant issues have ultimately ended up only in the review clause. We are therefore hoping for a strong report both from the international financial institutions and also from you, Mr Barnier – from the Commission – and I hope that we will finally get this in the course of the coming year. Our citizens are expecting clear answers when it comes to the issue of financial institutions being too big, too interconnected, to fail. Allowing increasingly complex and opaque financial institutions to come into being is not something to be proud of. We therefore need to make improvements in this area."@en1

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