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 Full text 
Monday, 15 April 2019 - Strasbourg Revised edition

European Supervisory Authorities and financial markets - European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board - Markets in financial instruments and taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (debate)

  Sirpa Pietikäinen, on behalf of the PPE Group. – Madam President, throughout the 11 years I have been a Member of the European Parliament, we have had numerous discussions about European common supervision of financial markets and also about the Capital Markets Union. If we want to create a prosperous Europe, we need to create a common capital market, and if we are about to create a common capital market and to lessen our financial risks, what we need is indeed a proper European financial supervision of different institutions.

While I’m congratulating both of the rapporteurs for pushing the Member States further and about the significant steps that we have taken in this direction, unfortunately, I have to take up the issue that we are not yet in that place, and it is really hard and heart-breaking for me to see the resistance from the Member States on creating a proper European financial supervision. That should be the singular unit acting at Member State level and acting at the European level. I do not see the interest of different Member State cultures or different attitudes towards supervision, because here, if anywhere, the short-sighted national interest is not only a burial for Europe, but it is a burial for Member States themselves and the prosperity of our nations.

Last updated: 8 July 2019Legal notice