It is time to establish “a European legal framework for this supervision in which all the Member States are represented on an equal footing, as they are in the European System of Central Banks", the EP President said.
European Parliaments’ President Pöttering underlined that the ‘creation of a suitable legal framework for supervising the financial markets’ is crucial. Speaking at the at the meeting of the European Council, Pöttering said it is time to establish “a European legal framework for this supervision in which all the Member States are represented on an equal footing, as they are in the European System of Central Banks, and which can protect our citizens effectively”.
He also underlined that the European Parliament expects to be kept regularly informed and involved in the work of the Larosière Group. Also, the legal status and powers of the 3L3 Committees should be laid down under the codecision procedure, and not solely on the basis of a Commission decision, he demanded.
Parliament also calls for all financial institutions and products to be required to comply with European rules. This would include hedge funds and derivatives.
“The legislation we need cannot wait until 2010”, he said.
Full speech Poettering
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