mr president firstly i would like to congratulate my colleague derk jan eppink on his comprehensive and well negotiated report covering so many topics
fundamentally competition policy should be at the heart of the european single market and solid principles of competition should be built into all eu legislation
competition should create a stronger marketplace for eu citizens and allow the eu to be more competitive on a global basis
in the latest wave of financial services legislation there is a danger that this principle is being lost
we must use every opportunity to create more competition in markets dominated by large market participants and create a more vibrant marketplace
in the derivatives legislation currently being negotiated we can ensure that we do not create or reinforce monopolies by supporting open access to ccps and the like and by ensuring the availability of important data streams to all players
in the upcoming review of mifid we must remember its original purpose of opening up europe's equity markets to competition and after its expansion to include new asset classes we must ensure that the competitive principles are upheld since a combination of these has actually significantly driven down trading fees for investors in the equities over the last three years
when we consider reforms for auditors credit rating agencies and other financial services providers we can consider where the barriers to market entry lie and work to break them down
i believe that standing up for competition in key industries is the way that we will generate the true growth potential of the eu and reinvigorate our economies in this ever-changing world
