Mr President, I cannot but wonder at the way in which several Members here present have been giving us the benefit of their views on this highly complex subject-matter without ever having taken part in the discussions on it, but I do want to say that, whether in agriculture or in politics, you must know that there is no point in putting the cart before the horse. I find it regrettable that our rapporteur has largely disregarded this self-evident truth. As regards clearing and settlement, we have reached the stage of consultation on the basis of a Commission communication, a stage at which it is premature to say the least to instruct the Commission, in precise terms, to submit a proposal for a directive, and to tell them what should be in it. We are all in agreement with the Commission that it is right to make the cross-border clearing and settlement systems more efficient and to cut their costs. It does not inevitably follow, though, that we need a European legislative instrument in order to do this. What is first required is that the technical barriers within the EU be dismantled. It is at least premature to predict today what form this might take, having had a not very satisfactory discussion in committee, when we could have done with more time in order to dispel various evident misconceptions. We would, in my view, have done better to wait for the second Giovanni report, which is due to be with us in mid-February, rather than now attempting to commit this Parliament to a line that I regard – putting it bluntly – as nonsensical. In this area, though, nonsense is a public menace. My hair stands on end at the sight of the proposal that core settlement services should be handled by a service subject to the rules applicable to non-profit organisations. Such a proposal simply ignores the fact that a single legal system is capable of being applied only if laws on securities and taxation have already been standardised. I have been told by practitioners and specialists in these fields that there is at present no system capable of bringing together even only two jurisdictions, which means that such a system could not be made to work throughout the EU. I am also astonished at the sweeping proposal for a non-profit system of this sort, even though it is far from being proven that such a model would be preferable to a system run on a profit-making basis. There are enough examples to demonstrate the fact that the achievement of profit and reductions in cost are not mutually exclusive. Indeed, if I understand him right, the Commissioner has, in this House, declared himself to be in favour of a market-based approach. There are today many sectors in which a policy of moderate deregulation is being pursued and in which the market is being opened up. To do the very opposite in a sector like clearing and settlement, which is so important to the nascent internal market in financial services, and to attempt to establish a public monopoly, is quite simply absurd and demonstrates a lack of awareness of the world's realities. Healthy competition – which already exists – has always benefited the consumer. Contrary to what the rapporteur would have us believe, that is not fragmentation; that is competition. As adopted in committee, the report also envisages the provision of core settlement services by one structure, and of ‘value added services’ by another, separate structure. This would result in the enforced breaking-up of a variety of enterprises and is contrary to the approach favoured not only by most market operators, but also by the European Central Bank. Any operator in the market should be able to provide all these services, and any future European legislation should focus on the service itself and not on the body providing it. In view of these considerations, Mrs Kauppi and I have tabled amendments, and I hope that Members will support them. It is my especial hope – having heard the rapporteur's praises sung by the Socialist/Communist element in this House – that Mr Andria will take time to think things through again.

Political group: PPE-DE