madam president i would like to start by saying what i should perhaps have said first of all which is a thank you to all the services of the commission the council and particularly the parliament for the work that they put into this
i have to say that without their work and their help we would not have achieved this
like many around the room we are quite astounded by the level of technical detail that goes into many of these reports but let us say about solvency ii that it was forged outside a crisis to face a crisis
it has risk management in it and as many people have heard round the room this is a first for much of the financial services legislation
it also does and i agree with the commissioner contain group supervision
group support unfortunately is out but we have heard all about that
let us hope that we can get that back
capital is defined as well
many aspects of this report make it a world leader
my second point is about the strategic impact of using such legislation
in many respects just having a regulation that works over twenty-seven member states is not going to be helped if we do not have the twin which is a strategic regulator at a european level which works over twenty-seven member states as well
we need to overcome the differences that exist between regulators and make sure that we speak with one voice
it is particularly important when we come to recognise regimes elsewhere in the world
just this weekend i met with paul kanjorski chair of the subcommittee on finance in the us congress and others who are now talking about accelerating the prospects for a single regulator at a federal level in the united states
it they do that before we do it in europe we could be severely embarrassed by not having the regulator we need at a european level
this is a report which is at a global level and a global measure a process about which we could all feel proud but we also need to make sure that we continue to push for the changes on the issues thrown up by the de larosière report and also on group support which will bring about economic efficiency
i hope that everybody can support those measures
