Financial Supervision - European Parliament Pushes for an Ambitious Agreement

Jul 7, 2010

MEPs have just voted in the plenary session of the European Parliament on amendments to the texts setting up the EU's new supervisory architecture, tabled by the four main political groups (EPP, S&D, ALDE, Greens). The EP has decided not to vote on a legislative resolution in order to give more time to the Council to agree on a compromise. We can complete the first reading after the summer recess.

The message is clear: Parliament is willing to negotiate, but it is united in its view that the European financial supervision authorities must be equipped with sufficient powers to prevent future crises and to strengthen the Single Market. The ball is now firmly in the Council's court to come forward with the necessary compromises.

This gesture is a final endeavour on the part of Parliament's rapporteurs to help the new Belgian Presidency - whose efforts to date we applaud - to move the Member States to a more satisfactory position.

Since voting on a text in the EP's Economics committee in May, Parliament's rapporteurs have taken part in around 20 meetings with Council and Commission. Significant - but not sufficient - advances have been made. Critically, we require that the new supervisory architecture be in keeping with the vision laid out in the De Larosière report. Europe's citizens will accept nothing less than the most ambitious response from lawmakers to correct the problems.

Parliament stands ready to reach an agreement with Council. This is why we did not vote on a first reading, and why we will keep the process open. But in case the Council does not show the commitment and willingness needed within the weeks to come, Parliament is ready to do vote on a first reading after the summer break. We feel that progress is being made and agree to allow more time for the Council to move towards a position that reflects the needs of European citizens. Today's actions reflect our expectation of such a move in the coming days and weeks. It's a question of European credibility on a global level and in the eyes of European citizens hit by the crisis.
 

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