kfajdsl/voxpopuli huggingface dataset:
they have been very good years for me and i promise you i am taking this european spirit that i have experienced here with me to our national debates and to the austrian parliament.
dear colleagues before proceeding to the votes allow me to make a short personal statement.
we have all compromised in this proposal. we recognise the importance of money market funds for businesses in terms of short term financing needs and we also recognise that we are behind the united states who have already put in place a regulation to deal with this issue.
i am glad that we have achieved what i regard as a balanced agreement on the one hand recognising the potential systemic risk and threat that can in a worst case scenario come from money market funds while at the same time recognising the intrinsic value of these short term financial instruments to businesses up and down the european union.
we have liquidity buffers in place we have diversification we have escalated procedures in place improved transparency the sunset clause is gone which i am delighted about and we also have a very strong review when it comes to the question of government cnavs but the government cnavs remain in place.
i believe we now have in place a good package which we can present to the entire financial industry and to the citizens of europe to make sure that this industry which is so important to the future growth and development of europe remains in place.
but i should say as i said in the course of the trilogues the problem was not in europe it was in the united states of america.
we have addressed provisions for transparency in more detail;
the agreement we have reached under the slovak presidency that we will vote on tomorrow addresses these systemic concerns in particular through the following measures liquidity and diversification requirements are strengthened with strict daily and weekly liquidity requirements to fulfil potential redemption requests and furthermore the mmf portfolio will be more diversified with stringent concentration
the eu has been lagging behind as i have said on international commitments that we have which the us already implemented eighteen months ago.
could go on a stringent regime of fees and gates in the case of shortfalls in liquidity will address the question of run risk and we will limit the use of the amortised accounting method for the valuation of assets.
i believe this is a win win both for the european money market fund sector and for the european taxpayer who will be better protected.
because of the systemic inter connectedness between mmfs the banking sector and corporate and government finance their operation has been at the core of international work on shadow banking.
this must be close to a record money market funds have been held up for more than three years and four council presidencies because it is one of the most contentious and complex pieces of legislation we have ever dealt with.
as a result mmfs have been scrutinised by various regulators and supervisors.
with assets under management of around eur one trillion mmfs are an important source of short term financing for financial institutions corporations and governments.
it has been a long journey but i am delighted we have reached the right destination an overall agreement between parliament and the council.
i believe this agreement is an important step forward in ensuring the longterm stability of our financial markets.
this can fuel an investor run and liquidity crisis foreign mmfs potentially triggering negative effects on other parts of the financial system.
i hope colleagues i can rely on your overwhelming support tomorrow and that would send a clear signal and a welcome political signal that we are capable of adopting a strong harmonised regulatory framework ensuring financial stability and that investors get well protected all over the eu.
requirements to reduce risks;
sponsored support to these funds is forbidden to avoid any contagion risk;
this is a compromise and i prefer a compromise which regulates the sector over no agreement and leaving an unregulated mmf sector and it is in line with the international commitments we have made.
thanks to the uniform rules on the portfolio of money market funds we will be protected from the situations when investors would withdraw their money simultaneously.
it is crucial for money market funds to avoid over reliance on external ratings and introduce the internal risk credit assessment by managers.
money market funds will be obliged to invest in higher quality assets and will not be able to rely on external support.
in congratulating neena gill and the shadow rapporteurs on their work i want to underline that this highly important piece of legislation that we will now have will make money market funds more resilient to crisis and more transparent money market funds which can contribute to bridging the investment gap in europe which is something we together with the commission are striving to achieve.
the legislation protects investors and gives not only large multinationals but also small companies the opportunities to grow.
these funds have become a vital cash management tool for many types of businesses local authorities ngos and universities.
we had an opportunity to reduce the risk of a future crisis in the global economy and we have failed to take it.
last year the financial stability board warned that shadow banking in ireland was unbelievably ten times the size of our economy.
let us not forget the role that money market funds played in sparking panic and fire sales in the us during the financial crisis.
therefore it is crucial that our framework takes account of the specificities of each type of fund allowing each fund to continue to function and to finance the real economy while addressing the objective of the regulation namely to ensure money market funds are robust and secure in the case of systemic financial events.
this will increase investor protection and reduce the risk of a systemic impact in the event of another crisis.
at the same time lvnavs will maintain those characteristics which make the currency most attractive to certain types of investors such as same day settlement and simplicity of tax treatment.
there are many further measure us in the text which will help ensure that money market funds continue to serve their purpose in markets while being subject to a strong regulatory regime.
these negotiations were not easy yet we should be proud that the final outcome is based on an innovative approach taken here in the parliament in order to break the deadlock between the groups in the parliament and also between member states in the council.
i would just like to take this opportunity to speak to colleagues who have been let us say less than optimistic about this especially the ones in the greens and gue ngl who were involved at every level in these negotiations but did not always apply themselves or come up with any concrete alternative way forward.
the only way forward was to go back and suggest that we stick with a proposal that could not actually get any kind of agreement in parliament itself.
i think it is important that we recognise that the way we could move forward was to find some kind of compromise and compromises are difficult they do not tick all the boxes but they do mean that we find a solution that basically works for most parts of the sector.
i do believe we have some strong improvements in the proposal that we are going to vote on tomorrow which many of my colleagues have highlighted and mentioned and i will not repeat them but i hope that tomorrow we will vote for this in a big way because it is important that the european parliament can demonstrate that we are able to overcome our differences within this house and we are not just a replica of the council. we make that judgment to ensure that a money market fund sector
can thrive and meet many of our objectives either in the capital markets union that the commission has set itself or through making sure that we do not have any recourse to the taxpayer in future.
but here is my question.
i think mr cameron has to deal with the mess of thirteen years of labour policy towards the eu.
he has left our country isolated in europe without allies and without influence.
he was trying to protect his friends in the city instead of protecting british jobs and growth and he spectacularly failed in both.
twenty seven this point needs clarifying.
he has been stoking the fires of his party's eurosceptics for years and now he is surrounded by flames with no obvious escape.
some of the british conservative party talk about david cameron's bulldog spirit standing up to merkel and sarkozy using britain's veto but the only thing david cameron has vetoed is britain's influence at the top table.
as mr barroso said not seventeen plus but twenty seven minus. cameron claims he was protecting the city of london but in fact he has failed to secure a single safeguard for uk financial services.
the uk government believes its actions have prevented the twenty six from using the resources of the eu.
when times get hard when times get tough the community method evaporates and we go into governmental.
we will pay very dearly for that wrong ideologically motivated strife to maintain the eurozone at any cost.
they pretend that they are speaking on behalf of europe but they are speaking on behalf of themselves only.
we have seen another emergency measure which aims to restore fiscal stability definitely a step in the right direction but not sufficient. we have not seen any proposals on how to restore economic growth in europe and we have seen europe more divided that ever before in an unprecedented way.
twenty six so please stop it it is not true. none of you are entitled to speak for twenty six member countries.
we have seventeen eurozone countries and even those are divided into two parts those who will pay and those who will be paid.
some of you are still talking about twenty six and i do not think that any of you are entitled to speak on behalf of.
we will pay economically very dearly for that.
i can only repeat that this is not the eu policy for the twenty first century.
we have the european semester through which we coordinate our fiscal and macroeconomic policies and implement our agenda for growth on an annual basis.
there are two brand new commission proposals made on twenty three november under article one hundred and thirty six on further strengthening fiscal discipline which i hope will be adopted in a fast track procedure through an early first reading agreement.
over the past eighteen months we have achieved some progress within the european union as a whole at twenty seven on the basis of the existing treaties with the european union institutions taking the decisions.
main purpose of this european council was to show our joint determination to tackle persisting market tensions by consolidating these achievements and reinforcing them even further.
an agreement also emerged that the esm should not as was initially planned be subject to the rule of unanimity.
and weeks. in my view the best way of doing it is to follow a basic principle the agreement should contain stronger national commitments but the european union institutions should act exclusively on the basis of the european union
employment. the commitment to fiscal discipline is indispensable for europe but the reality is that structural reforms for competitiveness and growth enhancing measures are the key to restoring not only the confidence of investors but also above all the confidence of our
more immediately leveraging of the efsf will be deployed very rapidly with the ecb acting as its agent in the efsf market operations.
market. this made compromise impossible.
other ten. this was the greatest risk ahead of the summit. this is not an agreement at seventeen plus but an agreement at twenty seven
this matter. this shows that with consistence and coherent efforts europe is able to put its mark on global
we also need to go further on growth on investment and on measures to promote
union. they showed that they want more europe
the commission has always warned of the possible negative effects of psi on market confidence.
level. the court of justice will have competence to review proper transposition of this commitment. this is a sound foundation for sustainable medium to long term fiscal policies and a strong signal to the markets that european governments are serious about their new stability culture'. secondly the excessive deficit procedure under article one hundred and twenty six of the treaty which as you know applies to all twenty seven member states will apply in a stricter way for the euro area member
how can we progress by way of an international agreement without eroding the community
unfortunately it was not unanimous on the form with one member state unable to join.
possible. this will need to be strongly reflected in the legal
union. this is exactly what our citizens expect from us a europe of responsibility yes but also a europe
we also need a europe of growth and of
on them. and at my request they have made a clear commitment to integrating the agreement fully into european union law as soon as
the same automaticity will apply throughout the whole procedure for any ensuing steps proposed by the commission including the preventive arm. only a qualified majority against the commission proposal would be able to stop the
let me first highlight a number of important conclusions of the summit which match the position that the commission has taken for some time.
resolve. all in all the agreement on substance at this summit is quite impressive.
model. let me be clear the commission will not accept any intergovernmental treaty that would be in conflict with
we now need to go further. the spring european council in march will discuss how to further deepen fiscal integration of the euro area on the basis of a report by the president of the european council together with the president of the commission and the president of the euro group.
in search of compromise i tabled a clause providing in the european union treaties that any measures adopted by the council and applying to the euro area only must not undermine the internal market including in financial services nor constitute discrimination between the euro area member states and the
so hard. it will put the commission at the heart of ensuring fiscal discipline in line with your
energy innovation the digital agenda and free trade agreements and for swift adoption of pending proposals to enhance growth such as support for smes better regulation tax initiatives fast tracking proposals especially those that extend the benefits of the single market and last but not least targeted investment at european union level including through project bonds. yes we need investment at european level and that is why our mff proposal and for instance the connecting europe facility addressing the issue of the missing links in networks is so relevant for europe's growth and employment
as you know this is very controversial for some governments.
treaties. on a more positive note i must also say that i was encouraged by the resolve of almost all the member states to have more not less integration to make more and not less use of the community method and the european institutions and to work for more and not less coherence.
and energy. i will come back to these tomorrow when we will assess the results of the european union's work during the polish presidency of the
in europe. this is why i welcome the conclusions from durban with all major emitters agreeing for the first time to have a new comprehensive and binding legal instrument which will include limits on co
i hope that member states will confirm their commitment to provide the imf with additional resources of up to eur two hundred billion within the coming days.
all the other heads of state or government were left with the choice between paying this price or moving ahead without the uk's participation and accepting an international agreement among themselves.
position. we will accept this increased responsibility knowing that its democratic legitimacy derives from this house and that it is here that we will be held accountable for our objectiveness and our
citizens. this is why i insist on the need to pursue the comprehensive approach that the commission has presented in our road map for stability and growth. i hope parliament and the member states will support this line and work together for the deepening of the internal market including the rapid implementation of existing commitments on services
the commission's green paper on european stability bonds of twenty three november will feed into this debate.
others. unfortunately this compromise proved impossible and so it was not possible to have a solution that could allow all twenty seven member states to agree in the framework of the current
not less. of course this was not the only subject at the european council some other important issues were also discussed last week such as the annual growth survey enlargement
i also welcome the fact that member states have now finally agreed to deal properly with the involvement of the private sector with the esm applying the same principles as the imf.
process. the new commitment will add to the six pack' automaticity for which this house fought
personally i made every possible effort to agree this fiscal compact fully within the current
so you may ask how can we square the circle concretely?
council. at this moment i just want to highlight the historic agreement that was signed for croatia to join
but frankly we cannot say the same
method? this point will require our utmost attention and our joint scrutiny over the next days
i will come back to both aspects substance and form in a moment.
gdp. to give this national debt brake or golden rule' maximum legal effect member states commit to enshrining it at constitutional or equivalent
text now. the commission will do all it can so that this agreement is legally safe and institutionally acceptable. the commission will contribute to these negotiations as guardian of the european union treaties and of our institutional
agreements. the same kind of coherence and persistence will now be needed for implementation of the growth agenda for the european
jobs. fiscal discipline is of course key but let us be frank about this we cannot build our economic union just on discipline and sanctions.
the agreement will not replace union institutions and procedures but will on the contrary build
decisions will now be taken by reinforced qualified majority.
we need to restore growth and promote
here again i had proposed this already for the efsf but without success. so i am happy to see that now for the esm things are going in the right direction.
treaty. the united kingdom in exchange for giving its agreement asked for a specific protocol on financial services which as presented was a risk to the integrity of the internal
two emissions. this was only possible because of the leadership from the european union i am very proud of the role of the commission in
nevertheless i was encouraged to see support for our assessment that stability bonds can make an important contribution in the future to completing a fiscal stability union and creating a stronger liquid bonds market in europe.
minus. last week most heads of state or government of the member states showed their readiness to move ahead with european integration towards a fiscal stability
indeed during thursday night an agreement was reached to create a genuine fiscal stability union' a new fiscal compact'.
we have to try to remedy the shortcomings of this imperfect compromise.
we should provide for the repatriation and transposition of this fiscal union agreement into the eu legal order and treaties and institutions.
it has three deficiencies. it is weaker in terms of enforcement no ec no ecj;
it has one key deficiency it is outside the single institutional framework of the eu treaty and its institutions.
given that the actions the very selfish actions of prime minister david cameron in uniquely achieving nothing for the one square mile of the eighty six zero square miles of the united kingdom have achieved nothing but actually undermined the twenty six other member states trying to solve this crisis would he agree with me that
he did not speak on behalf of the labour party the greens the liberals well not all of the liberals anyway.
he certainly did not speak on behalf of the people of scotland with one representative at the westminster parliament from my country.
i think it is possible to come to an agreement that is fully compatible with european law and that addresses some of the concerns in terms of discipline and convergence in the euro area and indeed beyond the euro area.
in these matters there are no miracles.
we need of course to be rigorous in terms of having a debt sustainability path but we also need measures for growth.
this is the position that the commission has sustained over time and we are ready to work with you and of course with all the institutions in that direction as i said earlier to build a europe of stability but also a europe of growth a europe of responsibility but also a europe of solidarity. this is our commitment and we will go on working for this hopefully with all the member states and in full respect of the principles that made our union what it is
that is why we need the reforms to enhance our competitiveness and to liberate the potential for growth. that is why in fact what we have discussed in this summit is only part of the solution because it addresses only part of the problem.
when i use the expression marathon' i am not just thinking about the greek situation.
i sincerely believe that we have a joint interest to agree and to agree among all of us. i think that it is in all of our interests to have a united kingdom government that fully engages with the other member states and the european institutions.
indeed it is the european institutions that are the best guarantee that the interests of all member states including the uk will be fully respected.
as some of you said and in fact i also made the point in my introductory remarks the issue of budget discipline and addressing the problems of debt is an important one but it is not the whole problem.
we need growth in europe.
emotions are what they are but i think as some of you have mentioned that it is important to see how we can get out of a situation that was indeed unfortunate.
this sovereign debt is partly the cause of the crisis but it is partly also the result of the crisis.
we have the eu two thousand and twenty agenda and we have other initiatives to address this major problem of growth. without creating confidence globally that europe is able to restore growth i believe we cannot get out of this current crisis.
i think it is also important that we show everybody including our partners that we are committed to a solution and that we will work consistently coherently and over time to reach that solution.
i made this point very clearly.
the alternative now is either to avoid stronger commitments of the european union namely of those member states that are ready to go further or try to formulate this agreement in a way that is fully compatible with
one can lose confidence in one day but to recover confidence takes much longer.
i welcome the statement made yesterday by prime minister cameron that he intends to continue to pursue a positive policy of engagement in the european union on a whole range of issues including growth and economic reform smart regulation fighting climate change and the development agenda.
it is precisely through european institutions and in full respect of the community method that we can avoid any kind of split any kind of directorium or any kind of derivation that will be negative for the overall interests of the union and each one of its member states. i therefore hope
we are losing our position to many of our competitors in the world.
this is what the commission is determined to do while always trying to be constructive.
there is no silver bullet.
we need fiscal discipline.