madam president i do not share the views of my colleagues who blame the commission for their non-delivery
i think the biggest mistake the european commission could have made would have been to think that more regulation is always the right answer
all proposals from the commission should be proportionate balanced and well-targeted
i have been moderately content with how this commission has responded until now and i remain confident that the commission has all the right tools to improve the regulatory framework for financial services
improvements should be based in the first place on existing legislation and legal bases
in the second place soft-law measures should be considered and finally if there is no improvement otherwise then we should turn to legal new regulations
i think that sometimes there is a tendency to forget how much we have already done in europe
since two thousand we have gone through a serious overhaul of our financial services laws and we have updated many of the relevant regulations already
we have a modern and sophisticated legal framework in europe
i think it is followed by most of the people in america already so i do not think we need to radically change our approach
finally i would like to say that it of course needs to be considered that the supervisory framework is not as good as it could be
we should develop based on the ecofin road map the way the supervisors work in europe but also we should remember the global scale of things
we should remember that the financial industry is probably the most global industry in today's world and we cannot act in a vacuum
we should remember that we are living together with the outside world and we should try to develop standards mutual recognition and convergence with transatlantic players because that is the way to currently open competition and also very good rules on the protection of retail clients and the way these things go forward
finally one thing about the ecb
i think we need to thank the ecb
the ecb did a very good job
the consequences to the european economy both in the financial economy and also the real economy would have been much more severe without the very good delivery of the ecb in terms of liquidity
i think the ecb should be congratulated for that
