Activities of Miguel VIEGAS related to 2015/2106(INI)
Plenary speeches (2)
Stocktaking and challenges of the EU Financial Services Regulation (A8-0360/2015 - Burkhard Balz) PT
Stocktaking and challenges of the EU Financial Services Regulation (debate) PT
Amendments (21)
Amendment 8 #
Motion for a resolution
Recital A
Recital A
A. whereas in recent years an ambitious reform agenda for the EU financial sector has been launched to strengthen financial regulation and supervision, restore financial stability and make the financial system more resilient to shocks; whereas these fell short of addressing the fundamental problems of the financial sector, i.e. too-big-to fail and too-interconnected-to fail;
Amendment 11 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the financial crisis of 2007/2008 has largely been the result of past policy failures, namely the deregulation of the financial sector, which has fuelled speculative bubbles and has been the main cause for the too-big-to fail and too-interconnected-to fail problems;
Amendment 13 #
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas these policy failures have led to the deepest political and socio- economic crisis in the recent history of the European Union;
Amendment 15 #
Motion for a resolution
Recital B
Recital B
B. whereas profoundsome changes have occurred in all financial sectors, including banking, insurance, securities markets, investment funds and financial market infrastructure, which unfortunately leave the problems of too-big-to fail and too-interconnected-to fail untouched;
Amendment 18 #
Motion for a resolution
Recital C
Recital C
C. whereas the transposition and implementation of the financial regulatory reform is still ongoing and not yet completed, with many delegated and implementing acts in particular still to be finalised; whereas especially the strict separation of investment from retail banking is still outstanding;
Amendment 22 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the current investment gap is largely the result of deflationary austerity policies and subdued demand rather than an over-regulated financial sector; whereas the crisis has shown that relationship with retail banks is more robust and more focused on lending to the real economy than large universal and investment banks; whereas in the US after the financial crisis, bank lending to corporates has developed stronger than capital markets based financing;
Amendment 25 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas according to the European Banking Federation, credit supplied by banks appears to have broadly matched credit demand1 a ; whereas according to the ESBG, there is no fundamental supply-side shortage of lending in general2 a ; whereas specific shortages of credit to MSMEs derive largely from economic instability and growing disinvolvement of financial activity from the productive economy; whereas these problems will not be alleviated by the plans for a CMU; __________________ 1a cf. http://www.ebf- fbe.eu/uploads/FF2012.pdf 2a cf. http://ec.europa.eu/internal_market/consu ltations/2013/long-term- financing/docs/contributions/registered- organisations/european-savings-banks- group_en.pdf
Amendment 60 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is concerned about the increased complexity, reflected in the of financial products and markets, requiring a greater amount, detail and number of layers of regulation and supervision with requirements at international, European and national level;
Amendment 105 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that a single market for financial services serves businesses, but ultimately has to benefit businesses, customers and investors; insists that barriers to cross- border access, marketing and investment have to be analysed and addressed;
Amendment 116 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Believes that consumer protection does not necessarily entail large volumes of information; is concerned that the multiplicity of customer information might not ultimately serve real customer needs; points to the necessity of a Europenformation must always be relevant, comparable, user-friendly, reliable and timely; information alone is not sufficient to protect consumers and enhance their decision-making process; it must go hand in hand with developing unbiased comparison tools, independent and affordable financial advice and initiative for more and better financial educationtermediation, and strong supervisory authorities in charge of consumer protection, equipped with the powers to test new products before they are sold to consumers;
Amendment 167 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Is concerned about the lack of available and attractive risk-appropriate (long-term) investmentpush to shift retail savings to capital markets for alleged higher returns aund savings products for consumers; reiterates the need for diversity in investor and consumer choiceser the disputable assumptions that consumers can have higher returns without increasing the risk they are taking;
Amendment 177 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the diversity of business models; cCalls for a differentiation in regulation and supervision regarding the nature, size, riskiness and complexity of entities; believes however that the key priority of policy makers and supervisors must be to end the too-big-to fail and too- interconnected-to fail problems;
Amendment 281 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 291 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Demands that the EU and Member States push for efficient and effective regulation of financial sectors at a global level; stresses the need for strong global regulation to prevent foreign financial institutions from gaining an unfair competitive advantage vis-à-vis EU financial institutions;
Amendment 312 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes that better financial regulation starts with Member States applying the current acquis; considers that gold-plating does not facilitate the functioning of the internal market;
Amendment 335 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. WelcomNotes the objectives of the better regulation agenda; underlinequestions the role of REFIT in achieving an efficient and effective financial services regulation; reminds that the focus of EU decision- making must be on improving regulation, not deregulating;
Amendment 361 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Calls on the Commission to make any amendment made to the draft regulatory technical standards (RTS) and implementing technical standards (ITS) submitted by the ESAs transparent to the co-legislators and stakeholders;
Amendment 390 #
Motion for a resolution
Paragraph 42
Paragraph 42
42. Stresses that the impact of individual legislative measures differs from their cumulative impact; cCalls on the Commission services, in corporation with the ESAs, SSM and ESRB, to conduct a comprehensive quantitative and qualitative assessment every five years of the cumulative impact of the EU financial services regulation at EU and Member State level;
Amendment 401 #
Motion for a resolution
Paragraph 43 – introductory part
Paragraph 43 – introductory part
43. Calls on the Commission services to complete the first assessment by the end of 2016in five years’ time from now and to report on the overall impact and, in separate chapters, on the following:
Amendment 422 #
Motion for a resolution
Paragraph 43 – indent 9
Paragraph 43 – indent 9
– the interdependencies with international standards and the effects on the global competitiveness of European businessesfinancial stability;
Amendment 429 #
Motion for a resolution
Paragraph 43 – indent 9 a (new)
Paragraph 43 – indent 9 a (new)
– the systemic consequences of past financial services legislation especially with regard to ending the too-big-to fail and too-interconnected-to fail problems;