During the plenary session of the European Parliament in Strasbourg, MEPs debate on financial supervision.

Financial supervision: extracts from the debate

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SOUNDBITE (English), Olli REHN, European Commissioner for Economic and Monetary Affairs, I'm still delighted by the clear willingness by all to reach an agreement by September. Let me say finally and frankly that we would have badly needed a modern supervisory architecture, as well as a body doing analysis over systemic risks to macro finance stability well before the financial crisis which hit Europe, now we would be much better off in dealing with the financial repair, if we had this at our disposal already now.

SOUNDBITE (English), Olli REHN, European Commissioner for Economic and Monetary Affairs, The ESRB is an essential building bloc of a genuine economic and monetary Union of its stronger economic pillar and that's of our systematic response to the financial crisis. It is also a key building bloc to restore and to reinforce confidence into the EU economic so much needed now. In order to strengthen the economic recovery and to strengthen confidence we need to deliver on all fronts.

SOUNDBITE (French), Michel BARNIER, European Commissioner for Internal market and Services, Financial oversight is the backbone of the whole thing; it is a very serious matter indeed as many of you have said. If we are not able to put in place credible authorities, including the systemic risk board, then a lot of the other reforms will be ineffective.

SOUNDBITE (Romanian), Sebastian Valentin BODU (EPP, RO), In conclusion, we need European level measures that should remove management of trans-boarder banking groups by national systems that can be very diverse and have the tendency to protect the branches existing on their own national territory and not in solving the problem of the whole group.

SOUNDBITE (German), Klaus-Heiner LEHNE (EPP, DE), We need strong central EU structures with expertise and detailed knowledge that can use the facilities of the MS but also of one another when necessary.

SOUNDBITE (French), Fran&#231;oise CASTEX (S&amp;D, FR), This EU regulation will not be enough unless we take steps to ensure that there is world wide regulation as well. To have this formal regulation in the EU will be useful but not sufficient of itself, we need world supervision of financial markets.

SOUNDBITE (English), Sajjad KARIM (ECR, UK), It needs an independent structure, truly independent in a regulatory sense, but there is a balance to be stroke, the current proposals would allow the EU to overrule national regulators and the danger is that technical standards may be used to actually make and dictate policy choices at an EU level. Our Member states are right to resist such a move, the UK and Germany are right to adapt the positions that they have.

SOUNDBITE (Spanish), Inigo MENDEZ DE VIGO (EPP, ES), I think that the COM prime role is one of negotiation with Council and the key point in that negotiation will be whether this EU supervision or authorities can turn directly to national companies if national supervisors don't. So Commissioner I wish you the best of luck with that task because I think that will be crucial when it comes to the future of the supervision and it is crucial for those who want to see more Europe.

SOUNDBITE (Italian), Gianni PITTELLA (S&amp;D, IT), It is a gesture of responsibility and we expect you to give a positive response to it. And if it doesn't happen than in September we will proceed with this vote and we will say to all the citizen's of Europe that we want direct supervision of authorities, we want really to have vigilance extended on a EU level as well.

SOUNDBITE (French), Philippe LAMBERTS (Greens/EFA, BE), Parliament has a fair position; all we are asking for is an EU supervision for EU bodies and National supervision for national bodies. We want to see consumer protection particular vis-&agrave;-vis products that are 'toxic', industry caused toxic while they were allowed, we asking for binding action. And I think that none of this is an extreme demand. So why can't Council accept this? I think that our citizen's and this EP are running out of patience.

Financial supervision: extracts from the debate

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