kfajdsl/voxpopuli huggingface dataset:
but here we are today debating a new securitisation proposal that should ensure the impact of any future crisis is limited.
and a more sustainable financial system.
how do you see the impact of this new regulation in the context of brexit given the high level of activity that takes place in the uk and how confident are you that history will not repeat itself given the trends in the us towards deregulation?
nonetheless commissioner i believe there are issues that you still need to be addressing.
it will also bring more substance to the cmu initiative. so there are three points that stand out for me a new macroprudential framework to ensure efficient oversight of the securitisation market to detect new bubbles; the creation of a data repository to increase transparency for investors and making it mandatory for insurance to make the information public;
so my congratulations to the rapporteurs paul tang and othmar karas for getting this complex regulation agreed.
the rest we all know is history.
and the question is has a toxic product turned into a medicine for the european economy?
the start of this discussion which was almost two years ago was with a proposal from the commission and also the proposal from the commission tried to draw lessons from the crisis for example by defining clear responsibilities for issuers and investors.
no longer can someone say i didn't know what i was selling' or i didn't know what i was buying'.
' put differently more technically what you want is a deep and liquid market at all times in good times and in bad times.
we added sustainability by including characteristics of houses and cars. this also shows that we have to do this more consistently as legislators both the commission and the parliament.
i know that the commissioner is working on that and i very much support it.
this is important when you want to control the market.
have been able to unite parliament but not entirely.
let that also be a warning that there are still some doubts that have been part of the debate.
there are opportunities that are emphasised it could be an opportunity for refinancing the european economy especially when the policy of cheap money will end one day.
i would like to call also on the supervisors that have been given an important role in this piece of legislation to take on the duty of closely monitoring and following the market especially when the market starts it is crucial that it starts in the right way and that the market gets functioning.
this is what i hope for because we will see these markets start maybe not today maybe not tomorrow but the day after tomorrow when opportunities to finance become scarcer and securitisation becomes more attractive. finally i would like to say that this debate
will continue.
mr president it is now nearly a decade since the financial crisis devastated european economies. at the heart of that crisis was the process of repackaging debt to turn it into new assets a highly lucrative business but one that created risks to our financial system when unscrupulous traders bundled bad debts with good kept the profits and socialised the risks.
today we are debating an attempt by the european institutions to restart this process of securitisation and to give it a seal of approval as sts simple transparent securitisation.
sadly most in the parliament and council of ministers who have agreed on this new legislation seem not to have learned the lessons of the crisis.
greens attempted to limit the damage securitisation might do by proposing that banks share much more of the risk of the loans that they sell off to ensure that they keep adequate skin in the game.
they should be discouraged from investing in each other securitisations and should ensure that the products are as simple as possible.
this would mean that investors can access the highest quality information about what is actually in the box including to what extent the securitisation contributes to sustainability goals.
rather than strengthening standards against a repetition of past problems the already unsatisfactory proposal from the commission was watered down in favour of banks and other lenders of specific kinds of loans specifically car loans which many have warned may represent a subprimestyle bubble.
negotiations with the council where member states demonstrated even less concern for the safety of the financial system delivered a result that represents a bad deal for ordinary citizens.
this legislation is the latest example of political amnesia and regulatory rollback with the eu's political leadership favouring the narrow interests of an oversized financial system over the need to promote financial stability funding to entrepreneurs and small businesses and quality jobs in the real economy.
we regret that it will be passed tomorrow and we will certainly vote against it as a group.
mr president commissioner securitisation is a measure that allows for the transformation of illiquid financial assets into fully tradable financial instruments.
moreover they allow the risk and term structure of available marketable financial instruments to better adjust to the different risk preferences of individual investors.
investors may not have access to full information about the underlying assets and their quality.
securitisation may also involve deals that are overly complex and even opaque.
this may result in excessive risk taking by investors and may lead to accumulation of systemic risk in the entire financial sector.
the idea behind the two legislative measures we are discussing today is to reduce these risks and to promote a safe and liquid market for securitisation in the eu.
thirdly all underlying documentation relevant for any transaction is made readily available to investors. fourthly the crucial amendment to the crr ensures that the capital treatment of securitisation for banks better reflects the risks involved.
president i would like to express my thanks to both rapporteurs and to the european commission for their work.
when adopted this package will not only help us establish a clear set of criteria to identify simple transparent and standardised securitisations but it will also contribute to building the capital markets union in europe.
and also a number of joint statements.
for the period two thousand and fourteen two thousand and twenty the council reached an agreement on a package of three legislative proposals in order to bring the system of own resources in line with the provisions of the lisbon treaty and the new mff. the council agreed to establish a regulation laying down implementing measures on the system of own resources
over the next two years the group will undertake a general review of the own resources system which is as it has already been said very complex.
it was therefore agreed to create a high level group on own resources which has recently started its work.
the council welcomes the recent start of the work of this group and we are convinced that the group under the chairmanship of mrmonti will carry out excellent work. we fully support the work of the group and look forward with interest to the first assessment which should be available at the end of this year.
as foreseen in article three hundred and eleven of the treaty and it agreed on a limited number of modifications to the two existing elements of the own resources the council decision on the system of own resources and the council regulation on the methods and procedure for making available own resources and to meet cash requirements.
on that basis the commission will assess whether new own resource initiatives are appropriate which could then be taken into consideration by the commission when it prepares its proposals for the next multiannual financial framework.
this last period which has made it possible to have this debate today. i very much look forward to this parliaments adoption of the opinion and its consent to these various files so that they can be closed before the end of the current legislature.
this is not the end of our debate.
secondly i am not convinced that further budgetary independence would mean greater efficiency and lastly i see the risk that greater budgetary independence would take the eu institutions further away from the member states further away from the european public rather than closer.
to that end i welcome opportunities in the next parliament to review.
i think the system is fair particularly with regard to corrections and i think it has the added advantage that it places least burden on individual taxpayers.
so on the whole question of own resources i do think it is important we approach it with an open mind.
to deliver best added value we need to be working closely alongside member state governments.
mr president i thought it was remarkable that twenty eight individual member states should all be able to agree an mff for the next seven years in the way that they did.
that means in my opinion that the budgetary process ought to be more engaged with the member states and that there should be more democratic control of the budgetary process from the member states.
what is more in my opinion the fact that most of the revenue should be set at one gni properly reflects the disciplines which were being applied in the member state economies.
those will be good opportunities to look critically at the current spend and revenue systems but it should not be another opportunity for a bigger european union budget.
but as we move forward our priorities ought to be to ensure that the budget delivers value for money to ensure the budget is accountable and to ensure the budget properly addresses the main challenges of the day.
one fact is beyond dispute the court of auditors has not passed the accounts of the european union for the last nineteen years. this is even though the court has only to sign off a declaration of assurance which is probably a lessor standard than the true and fair view of the anglo
this then is the context the context of nineteen years of unsigned accounts in which this parliament is now discussing own resources and the conclusion is clear. the institutions of the european union are unreformable otherwise they would have been reformed back in one thousand nine hundred and ninety four the first time that the accountants did not pass the test of the auditors.
this is a disgrace and i hope that the next parliament will do something about it because for sure this parliament will not.
american world.
bearing this in mind and the fact that we need fully to respect the principle of fiscal sovereignty of the member states i believe we should accept and accelerate the proposal the high level group activity and own resources system implementation in order to be able to present concrete and real results to our taxpayers.
mr president the system of own resources of the eu should and must take off the burden of the financial contribution from the member states.
in this sense in the legislative procedure for the adoption of own resources the council should act unanimously and after consulting the european parliament.
it did not happen again taking into consideration the limited changes proposed by the council such as one changing the ceiling for payment appropriations to.
two changing the ceiling for commitment appropriations to.
and three ignoring the fact that the commission proposal on how to make own resources available which would have actually decreased the member states' gni contributions still needs to be analysed and worked on. taking into consideration the current economic situation across europe this change is still insignificant for the national budgets of the member states and looking further for the budgets of our citizens.
one of the purposes might be to disguise which countries are net contributors and which are net recipients thus obviating the necessity for rebates and correction mechanisms and replacing them by a series of lump sum payments over the next six years.
you also remove from potentially rebellious member states the power to threaten to withhold contributions from the eu.
there is also a symbolic or perhaps a psychological significance of people paying taxes directly to the eu.
it sends a subliminal message to taxpayers that the eu has the status of a state.
by using officials and judges employed by member states? or perhaps new eu tax officials and courts will emerge as though from nowhere.
it is crystal clear here in the house that the adoption of the package on own resources is not the end of the debate.
trade. i am conscious of the visit to china by the president of the commission the committee on economic and monetary affairs and the president of the european central bank before christmas. the recent eu china follow up summit is a welcome sign of
issues. it is time to start focusing on recovery including making the eu more competitive as proposed by the lisbon
crisis. we should be thinking about it in terms of accountability to this house for our own financial institutions and those that are part funded by financial institutions.
the decision to increase lending to small and medium sized enterprises by fifty is particularly welcome. the initially planned eur five billion per year for sme lending has been increased to eur. seven five billion per year over the four year period. two thousand and eight two thousand and eleven an example of new funding
this borrowing could be repaid by committing part of the extra customs duties that would be collected by the eu from renewed external trade and some of the new vat receipts to this objective. this would have the added benefit of taking the pressure off eu member states and their individual requirements to keep within the stability and growth pact in terms of additional borrowing.
war. if the eib could be persuaded to say borrow from china to invest in the bank it could use such resources to help kick start the economic recovery and bring this about sooner.
it is important that we consider both banks at the same time so as to ensure better cooperation between them and the elimination of overlap. both banks should ensure that there is maximum synergy so as to prepare for and assist economic recovery.
is the eur three hundred and ten million approved recently by the eib for investment in smes in ireland.
we heard prime minister brown talking about this in terms of the international financial
the eib has made it clear that more can be made available and at very competitive interest rates to irish smes and to other smes.
both the eu and china would benefit from increased
these eib operations are especially relevant in middle income countries and infrastructure financial and commercial sectors.
the comments made by president maystadt that the eib's additional financial support will allow quick disbursements and contribute to the real economy notably by protecting good projects and helping viable companies in these difficult times are very encouraging.
it is my opinion that we need to support struggling companies as much as possible to provide them with the credit they need to keep their businesses afloat and to ensure that jobs are not lost.
the report calls however for vigilance with regard to the use made of eib loans by commercial banks and for a code of conduct between the commercial banks and the eib in this respect.
secondly the current mood in europe is one of apprehension housing prices continue to tumble in some countries and people are hoarding their savings.
to combat the effect of this crunch we must begin to talk about the recovery.
we took our eye off the ball when it came to the crisis we are in.
we are taking our eye off the ball again. recovery is coming it may be at the end of this year or it may be next year but it will come.
we need to start talking about recovery and preparing for recovery and in particular being competitive enough to take advantage of recovery.
i urge that on the three institutions represented here today and on the house.
lastly there is a need for the eib and the ebrd to work together with other international and regional financial institutions such as the world bank the asian development bank and the african development bank in order to promote development in areas further afield from europe.
these banks have a positive impact in delivering aid to developing countries but i believe that this impact needs to be properly assessed.
the financing of land ownership in developing countries needs to be looked at as an investment cost under the eib external lending mandate.
i have raised this issue on a number of occasions.
the country i come from experienced famine. we experienced all sorts of things that people in african countries are now experiencing.
what changed the north eastern part of our island was that people invested in universally small pieces of land.
we need them as our future trading partners and i urge both banks to consider what i have said here because i think that is a way to help the developing world.
this is an issue raised here today only minutes ago by the prime minister of great britain and i commend that particular point to both banks.
i hope we will continue to go forward in an atmosphere of mutual cooperation for the benefit of europe.
the euro began as a one size fits all currency.
the eu single currency the euro defies economic sense mr pons. spain is in a monetary union with germany. greece is in a monetary union with germany.
thousand and six to two thousand and thirteen further the eu is a protectionist construct. it was set up that way.
the eu also imposes alternative energy policies.
in direct consequence electricity in the european union now costs twice as much as in the united states and indeed energy prices in the eu increased by forty from two.
it inhibits free trade and one example is that member states cannot enter into their own trade agreements.
it has now become a kind of economic doomsday machine that engenders massive unemployment and the consequent human suffering.
we need effective governance mechanisms to promote and enhance the emerging conditions of recovery.
states. the shortfall of investment over the past six years has reduced economic growth potential.
four last year
the recovery of the labour market in the eu is progressing and is becoming fairly broad based across sectors. the unemployment rate is projected to decline slowly reflecting the persistence of high structural unemployment and the large unemployment gaps as the rise in economic activity is not strong enough for a more marked improvement.
inflation is bottoming
this was confirmed in the first quarter of this year where real gdp increased by.
growth. moreover for the first time since the onset of the crisis the debt burden is also expected to decrease as of this
the ecb's qe is also likely to have a higher impact in countries with tight financing conditions.
high. the share of non performing bank loans is elevated and continues to rise in some member
under this new commission we have revised our policy coordination process to promote better implementation of the recommendations.
yet in order to address both the short and medium term challenges europe faces member states with fiscal space should seize opportunities to step up useful investment while those with large deficits
everywhere the composition of public finance can be designed in a more growth friendly manner.
first a coordinated boost to investment.
potential growth.
to come.
three sets of actions are imperative.
these three actions have been the economic priorities of the juncker commission since its first day in office.
in the european union.
we have many budgetary rules that do indeed frustrate structural reforms and frustrate public investment and are not lived up to for example the debt rule.
and the fundamentals remain very fragile.
for a sound recovery we need certainly a push for reforms but i would say reforms having in mind better growth potential in our economies providing better jobs these are the kind of reforms we need to have but most of all we need to have a large
investment plan really providing opportunities for many strategic projects which are still waiting for proper financing.
other than the fake figures on gdp which are boosted by google and microsoft etc.
which barely pay a cent in tax in our country what evidence what information do you have that things are growing in ireland?
thirty five percent support the current government.
structural reform requires our government to urinate down the backs of our people while demanding we appreciate the free shower.
we cannot forget that these signs are mainly due to external factors like low oil prices a weak euro and the supporting programme of the ecb.
we also cannot be blind to important economic differences between member states as well as crucial regional differences.
looking at my country the economic situation of my constituency the west midlands is profoundly different from the one in london.
therefore i am convinced that a lot remains to be done to link to a sustainable growth path to help smes find the right access to financing and to tackle youth unemployment in a serious way.
there are three main structural regulatory challenges that we need to tackle in the coming months which could contribute towards a sustainable growth path. a social reform of the economic governance rules with enough flexibility for member states;
sir do you think it was a good decision or a bad decision for spain to enter the euro?
however both the parliament and the commission reports conclude that awareness among citizens and lawyers of the benefits of this directive must be improved. the commission is already taking steps to that end the e justice portal is currently being updated in order to improve access to information
no major problems of implementation have been observed even if there are some differences of interpretation between member states.
coming to the role of the member states as you highlighted in your report they must do their share of informing their own citizens about their rights under this directive and the national laws.
we are also providing funding for example for the establishment of the european training platform.
we will duly take into account your proposals in the commission work in this field. at this stage it is more effective to continue to focus on informing citizens of their rights and monitoring the correct application of the directive by member states.
in addition the commission has developed a compendium of legislation in cross border civil and commercial matters which includes this directive.
we should help lawyers become familiar with the possibilities offered by the directive and advise citizens accordingly.
the migration of the european judicial network website to the e justice portal will further improve user friendliness and provide comprehensive and updated information.
action at both eu and national level to raise awareness and to ensure smooth application of the directive and to provide updated information and it solutions to users on the legal aid procedures in member states will greatly improve access to justice as enshrined in article forty seven of the eu charter of fundamental rights.
when consulted on the report member states considered that a revision was not necessary.
this will also inform citizens better regarding the other european procedures such as the european small claims procedure and the european order for payment procedure.
your report includes several proposals for changes and amendments to the current directive and additional issues to be analysed in future reports on the application of the directive.
our proposals for the next financial framework also include judicial training as a priority area in order to support member states in their efforts.
two thousand and nine this is an extremely important initiative as it can bring about harmonised development and prosperity for the region that in comparison with the black sea area is far more complex in terms of actors involved and relevant for security stability energy and the environment.
on the occasion of the last council it was said that a strategy would have been developed for the black sea region by the end of.