Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | MUSCAT Joseph ( PSE) |
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Subjects
Events
The European Parliament adopted a resolution based on the own-initiative report drafted by Joseph MUSCAT (PES, MT) on further consolidation in the financial services industry. (Please refer to the summary of 25/04/2006.)
The Council adopted the following conclusions on the cross-border consolidation in the financial sector:
The Council:
- underlines that unnecessary and unwarranted obstacles to cross-border consolidation in the financial sector should therefore be tackled in order to reap the economic benefits of integration and strengthen the global competitiveness of the EU financial industry;
- stresses the importance of sound, fair and non-discriminatory national supervisory practices to achieve a level playing field within the EU paying due attention to the appropriate balance of home/host country responsibilities; and the need for an adequate and independent financial supervision to ensure financial stability;
- invites the Committee of European Securities Regulators (CESR), Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and Committee on European Banking Supervisors (CEBS) to take into account the obstacles identified, and the FSC report on supervisory convergence, in their efforts directed at convergence of rules and practices and in particular to work on common formats for financial institutions reporting to supervisors in order to avoid duplication of costs;
- supports the Commission in its intention to make use of the powers granted to it under the Treaty to ensure the application of basic Treaty freedoms, including application of the existing provisions on competition and state aid;
- reiterates its commitment to an open and integrated EU financial market based on fair and healthy competition among financial institutions and calls for vigilance on discriminatory practices.
The committee adopted the own-initiative report by Joseph MUSCAT (PES, MT) on further consolidation in the financial services industry. The report looked at the general perspectives before examining the barriers to cross-border consolidation and commenting on the regulatory and supervisory system.
The committee noted that consolidation was one way, although not the only one, for the financial services sector to respond to growing competition at EU and global level. The aim should not be to reach a particular number of firms, and consolidation must be proportionate to competition. While it was likely to have a positive effect on competitiveness, merger activity often brought with it a fear of job losses, and MEPs called for companies involved to take account of their social obligations.
The report stressed that consolidation should not be a political objective as such, but should bring clear benefits to the economy by stimulating growth, encouraging innovation, ensuring competition, improving access to funding, allowing financial institutions to exploit synergies and cost efficiencies and by giving consumers a greater choice and better quality, while ensuring an adequate level of consumer protection. It said that these potential benefits should not be hampered by unjustifiable obstacles, such as those created by tax barriers and differing supervisory regimes.
Pointing out that different supervisory practices and standards and reporting requirements can be costly and time consuming for companies trading across borders, MEPs welcomed the progress made so far by the committees of national regulatory bodies (the ‘Level 3 committees’) and encouraged them to go further in convergence of different approaches.
Among tax obstacles, the committee highlighted issues regarding inter-group VAT and a lack of legal certainty regarding the VAT treatment of financial services. It also noted that tax systems often favour domestic rather than EU dividends.
As far as supervision was concerned, the report said that increasing consolidation of the industry meant that the supervisory framework would also have to evolve, with a clear definition of responsibilities between host and home country supervisors. In the event of a crisis, cooperation and mutual trust would be crucial, so MEPs encouraged the Commission and national authorities to develop joint proposals for effective crisis management. Lastly, the committee called for a committee of "wise men" to be set up to analyse in detail the issue of supervision of EU financial markets as consolidation progresses, to report back by the end of 2006.
Documents
- Commission response to text adopted in plenary: SP(2006)3874
- Commission response to text adopted in plenary: SP(2006)3801
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament: T6-0294/2006
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, single reading: A6-0170/2006
- Committee report tabled for plenary: A6-0170/2006
- Amendments tabled in committee: PE371.885
- Committee draft report: PE370.208
- Committee draft report: PE370.208
- Amendments tabled in committee: PE371.885
- Committee report tabled for plenary, single reading: A6-0170/2006
- Commission response to text adopted in plenary: SP(2006)3801
- Commission response to text adopted in plenary: SP(2006)3874
Activities
- Gunnar HÖKMARK
Plenary Speeches (4)
- David MARTIN
Plenary Speeches (4)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Charlotte CEDERSCHIÖLD
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Christofer FJELLNER
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Pedro GUERREIRO
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Anna IBRISAGIC
Plenary Speeches (3)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Jean-Pierre AUDY
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Pervenche BERÈS
- Robert EVANS
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Ilda FIGUEIREDO
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Jean-Claude FRUTEAU
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Andreas MÖLZER
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- Joseph MUSCAT
Plenary Speeches (2)
- Miroslav OUZKÝ
- Hubert PIRKER
Plenary Speeches (2)
- 2016/11/22 Explanations of vote
- 2016/11/22 Explanations of vote
- John PURVIS
- Jim ALLISTER
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Liam AYLWARD
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Zsolt László BECSEY
Plenary Speeches (1)
- Sharon BOWLES
Plenary Speeches (1)
- Ieke van den BURG
Plenary Speeches (1)
- Gérard DEPREZ
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Brigitte DOUAY
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Lena EK
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Hynek FAJMON
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Emanuel Jardim FERNANDES
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Glyn FORD
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Bruno GOLLNISCH
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Françoise GROSSETÊTE
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Malcolm HARBOUR
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Karsten Friedrich HOPPENSTEDT
Plenary Speeches (1)
- Mary HONEYBALL
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Ian HUDGHTON
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Caroline JACKSON
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Piia-Noora KAUPPI
Plenary Speeches (1)
- Timothy KIRKHOPE
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Wolf KLINZ
Plenary Speeches (1)
- Carl LANG
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Fernand LE RACHINEL
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Caroline LUCAS
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Linda McAVAN
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Thomas MANN
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Sérgio MARQUES
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Jean-Claude MARTINEZ
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Véronique MATHIEU HOUILLON
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- James NICHOLSON
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Antolín SÁNCHEZ PRESEDO
Plenary Speeches (1)
- Carl SCHLYTER
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- José Albino SILVA PENEDA
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Peter SKINNER
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Margarita STARKEVIČIŪTĖ
Plenary Speeches (1)
- Ivo STREJČEK
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Margie SUDRE
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Jeffrey TITFORD
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- Georgios TOUSSAS
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
- John WHITTAKER
Plenary Speeches (1)
- Dame Glenis WILLMOTT
Plenary Speeches (1)
- 2016/11/22 Explanations of vote
Votes
Rapport Muscat A6-0170/2006 - am. 6 #
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