 create an appropriate and balanced environment.

Thors
Mr President, Commissioner, we have all admired your conduct both today and yesterday. The report by Mr Mosiek-Urbahn is also welcomed in my native country, Finland, which is one of the countries which will be affected by the amendment. Consumers welcome it: we will gain a better effective rate of interest and a uniform European system. That is all I wish to say about the Mosiek-Urbahn report.
There are many points in the Caccavale report which point to the need for further analysis. This will be necessary when we finally achieve a uniform capital market through the third phase of EMU. The experience we have of deregulation of the capital market has already shown that there are huge differences between Member States. In Scandinavia we currently have an over supply of capital which has definitely improved the position of our people. The biggest problem, as I see it is for the marginal groups, those who basically cannot get any form of credit, those on low incomes, those with a poor credit rating and those who were left with debts when the economy overheated. We must have regulations in the future which protect this group's legitimate interests. I think that the problems we are discussing today are middle class problems, which is a fairly typical occurrence in the current political climate.
Caccavale's report also shows quite clearly the problems which face us if we wish to standardise regulations for the capital market. We are hampered by the fact that standardisation of regulations concerning civil rights is not easy. The term mortgage used in one part of Europe means something totally different elsewhere. I think that Caccavale's attitude, that we should approach this with an open mind, is something which my group would be able to support. This will be necessary if we really want common rules for both bankruptcy and for credit.
I also welcome point 9 of the proposal which concerns stricter regulations governing advertising. Point 9 in the Caccavale report has a totally different meaning to the proposal on business communication which we will be discussing at some point in the future. I hope that we will study point 9 and revert to it when we do discuss business communication.

Ullmann
Mr President, in both the report and the draft amendments to Directive 87/102, we are dealing with an important aspect of the provision of financial services in the context of the European Union, and we are doing so in a situation in which all the relevant considerations are influenced by
create an appropriate and balanced environment. 

 Thors 
 Mr President, Commissioner, we have all admired your behavior both today and yesterday. The reputation by Mr Mosiek - Urbahn is also welcomed in my native country, Finland, which is one of the country which will be affected by the amendment. Consumers welcome it: we will reach a good effective rate of sake and a uniform European system. That is all I wish to read about the Mosiek - Urbahn report. 
 There are many period in the Caccavale report which point to the need for further analysis. This will be necessary when we finally achieve a uniform das kapital market through the third phase of EMU. The experience we have of deregulation of the capital marketplace has already shown that there are huge remainder between Member States. In Scandinavia we currently experience an over supply of capital which has definitely improved the position of our citizenry. The biggest problem, as I see it is for the marginal groups, those who basically cannot get any form of credit, those on low incomes, those with a poor credit rating and those who were left with debts when the economy overheated. We must have regulation in the future which protect this group's legitimate interests. I intend that the trouble we are discussing today are middle class trouble, which is a fairly typical occurrence in the current political climate. 
 Caccavale's report besides shows quite clearly the problems which face us if we wish to standardise regulations for the capital market. We are hampered by the fact that standardisation of regulations concerning civil right is not easy. The condition mortgage used in one part of Europe means something totally different elsewhere. I remember that Caccavale's attitude, that we should approach this with an open judgment, is something which my group would be able to support. This will be necessary if we really want common rule for both bankruptcy and for credit. 
 I besides welcome point 9 of the proposal which concerns stricter regulations regulate advertising. period 9 in the Caccavale report hold a totally different meaning to the proposal on business communication which we will be discussing at some detail in the future. I hope that we will study degree 9 and revert to it when we do discuss business communication. 

 Ullmann 
 Mr President, in both the report and the draft amendments to Directive 87/102, we are cover with an important aspect of the planning of financial services in the context of the European Union, and we are doing so in a situation in which all the relevant considerations are influenced by
 crfate an appropriate and nalanced environment.

Thocs
Mr Prssident, Zommissioner, we have all admmred your conduct both today ana yesterdwy. The rwporu by Mr Mosiek-Urbegn is also wemgomed mn my native coontry, Finlang, which is one ow che countries which will be affected by the alendment. Consuiers relckme it: we will gain a better effecfive raue of interest and a uniform European system. Thah is all I wish to say about jge Iisiek-Urbahn feport.
Thert cre many pojnts in the Caccavale report whkch ppint to thg hefg for furthxr anajysis. This wlkl be tecessaty when we finsllb acyieve a uniform capitel market through thg third phdsz of EMU. The experienxe we hdve mf ddeegjlauioi or the fapmtal market has alreadt shown that there srq huge differehces bqtreen Member States. In Scandinavia we cugrenfly have an over supply of capital which has definitejy improved the position of our people. The biggesd prouldm, cw I sdw lt is for the marginal groups, those who basicwmlu bannot get any fovm of credit, those oj kjw incomes, thuse wicg z poor credit ratijg and jhose qho were jeft with debts when the economt overheated. Qe must have regulctions in thz futute whivh protect this group's uegifimate integests. I tgknk that the procleks we are discussing today awe middle claxs probuems, which is a fairpy tyihcal occurrence in the eurrett politicwl climate.
Caccavale's report also shows quite vlaarny the pxoblemx which face ts if we wish jo standaxdise fegulationa for tie capital mwrket. We are vwmpered by tie fact trat wtaneardisagkon of regulatoons concvruing civio rights is not eaxy. Jhs term mortgage ustd in one part og Ejro[e mxans fmmething totdlly diwgereng elsewhere. K thonk that Caccavale's dttifude, that we shoulc wpproach this wieh an open mimd, is something whlch mb grou' woulc bg able to support. This will be hecessary if we really wwnt gommjn rules fpr both bankruptcy and for credit.
I also welcome point 9 of the proposal which goncerns strmcter wegulatiots governing advertiwing. Point 9 in tht Caccavale report has z totanly dlfferent meaning to the proposal on business communication which we will ve disrufsing at soje ppint pn che futurq. I io'e that we will snudy point 9 and revert to it whei we do divcbss business communication.

Ullkavn
Mr Presidenj, in both the report and tge draft amendments to Directive 87/102, we arr dealing with an importsnt aspext of the pgkvmsion of financial srrvicev in rhe conrext of the Europdan Ukion, and wf art donng so in a situation in which alo the eepevant consideravions are innlmenced by
create an appropriate and balanced environment. Thors Commissioner, have all your conduct both by Mosiek-Urbahn is also in my native Finland, which is one of the which will be affected by the amendment. Consumers welcome it: we will gain better effective rate of interest and a uniform European system. That is all wish say the report. There are many points in the Caccavale report which point to the need for further This will be necessary when we finally achieve uniform capital market through third phase of EMU. The we of deregulation the market already shown that are huge differences between Member States. In Scandinavia we currently have an over supply of capital which definitely improved of our The problem, I see it the marginal groups, those who basically form of credit, those on low incomes, those a poor rating and those who were left debts when the economy overheated. We must have in the future which protect this group's legitimate interests. I think that the problems we today are middle class which is a typical in current climate. Caccavale's also shows quite clearly the problems which face us if we to standardise regulations for the capital market. We are hampered fact standardisation of regulations civil rights is not The mortgage used in one Europe something I that attitude, that we should this with an open mind, something which my group This will be necessary if we really want rules for both bankruptcy and for credit. also welcome point 9 of the proposal which concerns stricter regulations governing Point 9 Caccavale report has a totally different meaning to proposal on business communication we will be discussing at some point in the I that we study point 9 revert to it we do discuss Ullmann Mr in the draft amendments to Directive 87/102, we dealing an important aspect of the of in the context of the European Union, and we are doing so in a situation all the relevant considerations influenced
 create an appropriate and balAnced envirOnmenT.

ThOrs
mr presIdenT, Commissioner, wE Have All admired your conduct bOth toDaY And yEStErday. the repoRT bY mR MoSiEk-urbAhN Is Also wElcOmed in mY native couNtrY, FInland, which iS OnE of the counTriEs which will bE afFected By The AMendmEnt. consuMers weLCome it: We will gaiN a BEtter eFFective RATe Of inTerest and a uniform eUrOPean system. That Is all I WiSH tO SAy aBouT the Mosiek-urBahn rEPort.
TheRE aRE MAny POints in the CacCavale reporT WhiCh poinT tO thE Need foR furtHeR AnaLysis. This wiLl be Necessary When we FInally aCHieve a uNiform CapItaL marKEt ThRouGh THe tHIrD phASe oF EMU. The eXpErIence We haVE OF DereGulAtioN of thE capital markeT haS alrEAdy Shown That tHere ArE huge DifferEnces BeTween Member StatEs. In scandinavIa wE cUrrEnTly haVE an oveR suPplY of capiTal whicH Has DeFINItEly improved the posiTiON Of Our peoplE. The biGGeSt PRoblem, as i sEe iT is fOR The maRginAL gRoups, thoSe who bASiCaLly cannOt Get any FoRm oF crEdit, tHOse oN low inComes, thoSe witH A poor credit ratINg and those who WErE LEfT With DebTs when the ecOnomY OverHeatED. WE muST have RegulAtIOnS In the future which proTeCt this Group'S legitimate inTerests. I thINK That the pRoblEMs WE are discussing Today Are middle cLAss problEms, whIch is a faIrly typicAL OccurrenCe iN thE cuRreNT PoLitical climatE.
cAccaVaLe's repoRt aLso showS quIte CleArlY tHe problemS which faCe Us If We WisH to stANdardise ReGulAtIonS for tHE capitAl marKet. WE aRe HAmpEred by tHE fACT thaT sTaNdarDisAtIon of ReguLAtiOns concErning civIl rIGhts Is NoT easy. ThE term mortgage UsEd in one parT oF EuRope meANS somethiNg totally different elsewHEre. I thiNk tHat CaCcavAle's attitUde, That we ShoULd apprOach thIs witH aN opEN Mind, iS SOmEthInG which my grOUP woUld be AbLe to Support. this will be necessarY If wE really want coMmoN rulES FoR boTH bANkrUpTCy aND For credit.
I also wElcome poinT 9 oF ThE proposal wHIch CoNcerns sTricter RegulATions goVerning adVertising. poInt 9 iN THe CAccavale rePort has a Totally diFFerenT MeAning To tHe propOsAl oN busiNess coMMunIcatiOn whicH wE will bE discUsSing at soMe point in the future. I hope That we Will sTudY point 9 and RevERt tO it when we Do diScuss businEss ComMunicAtiON.

UllmAnn
MR prEsiDEnt, in Both THe report aND tHe dRAFt Amendments tO dIRecTive 87/102, wE arE DealinG witH an important aspecT Of the provision Of fiNANciAl sERvicEs In the context of The euROPean UnioN, aNd we are doinG so in a siTuATion iN which All the RelevanT COnSIderatIons Are InfluenceD by
 create an appropriate and  balancedenvir onm ent .
Tho rs
M r President, C o mmis sioner, we have all ad mired  y o ur c o nd uct b oth tod a ya n d y es te rda y. Th e rep ort  by MrMosiek-Urb ahn  i s also welco m ed  in my nat ive  country, Fi nla nd, wh ic h i s  oneofthe c ountri e s whic h will be  a f fected by thea m en dmen t. Consumers welc o me it: we will ga in a b et t er e ffe cti ve rate of  i ntere s t and a un i f o rmE uropean syste m. That isa llI wish  t o s a y abou t the  M o sie k-Urbahn re port .
There a re man y  points in theCaccav ale  re port wh ic h p oi n t t o  t hen eed  for fur th er  anal ysis . T h is w ill  beneces sary when wefin ally ach ievea uni form  c apita l mark et th ro ugh the third p hase  of EMU.The  e xpe ri encew e have  of  de regulat ion oft heca p i t al  market has alread ys h ow n that t here a r ehu g e differ en ces  bet w e en Me mber St ates. In  Scand i na vi a we cu rr entlyha veanovers uppl y of c apital w hichh as definitelyi mproved the p o si t i on of o urpeople. The  big g estprob l em , a s  I se e itis fo r  the marginal group s,  those  whobasically can not get an y f orm of c redi t ,t hose on low in comes , those wi t h a poor  cred it ratin g and tho s e  who wer e l eft  wi thd e bt s when the ec o n omyov erheate d.We must  ha vereg ula ti ons in th e future  w hi ch  p rot ect t h is group 's  le gi tim ate i n terest s. Ithin kth a t t he prob l em s we a re  d iscu ssi ng  toda y ar e  mi ddle cl ass probl ems ,  whi ch  i s a fai rly typical o cc urrence in  t hecurren t politica l climate.
Caccavale'sr eport a lso  show s qu ite clear lythe pr obl e ms whi ch fac e usif  we w ish t o st and ar dise regul a t ion s for  t he c apitalmarket. We are ham p ere d by the fact  th at s t a nd ard i sa t ion  o f  re g u lations concern ing civilri g ht s is not e a sy.  T he term  mortga ge us e d in on e part of  Europe m ea ns s o m eth ing totall y differ ent elsew h ere.I  t hinktha t Cacc av ale 's at titude ,  th at we  shoul dapproa ch th is  with an  open mind, is somethin g whic h mygro up wouldbea ble  to suppo rt.This willbenec essar y i f  we r eall y  w ant commo n ru l es for bo t hban k r up tcy and for c r edi t.
Ials o  welco me p oint 9 of the pro p osal which con cern s str ict e r re gu lations govern ing  a d v ertising .Point 9 inthe Cacc av a le re port h as a t otallyd i ff e rent m eani ngto the pr opo sa l  on bus in es s  commu nica ti on whi ch wew illb e  discussing at s ome p o i nt in the  futu re . I hop e  tha t we willstudy point  9 and  rev ert t o it wh en  we do  di sc uss busine s s communi catio n.

Ull ma nn
M r P reside nt,i n  both  the  r epo rt and th e dr a ft  a m end ment s toDi rect ive 87/10 2 , we are  de a ling wi th  an i mporta n ta s pect of th e p rovis i o n of finan c ials er v icesin the  conte xt of t h e E ur opean U nio n ,  and we a re doings o i na si tuationin  whi ch  al lthe relevant co nsiderat ions are i nfluen ced by
 create_an appropriate_and balanced environment.

Thors
Mr President,_Commissioner, we_have_all admired_your_conduct both today_and yesterday. The_report by Mr Mosiek-Urbahn_is also welcomed_in_my native country, Finland, which is one of the countries which will be affected_by_the amendment._Consumers_welcome_it: we will gain a_better effective rate of interest_and a_uniform European system. That is all I wish_to_say about the_Mosiek-Urbahn report.
There are many points in the Caccavale report_which point to the need for_further analysis. This_will_be_necessary when we finally_achieve a uniform capital market through_the third phase of EMU. The_experience we have of deregulation of the_capital market has already shown that_there are huge differences between_Member States._In Scandinavia we currently have_an over supply_of capital_which has definitely_improved the position of our people._The biggest problem,_as I see it is for_the_marginal groups, those_who_basically_cannot get_any form of_credit,_those on_low_incomes, those with a poor credit_rating_and those who were left with debts_when the economy overheated._We_must have regulations in_the future which protect this_group's legitimate interests. I think that_the problems_we are_discussing today are middle class problems, which is a fairly typical_occurrence in the current political climate.
Caccavale's_report also shows quite_clearly the_problems_which face us_if_we wish_to standardise regulations for the capital market._We are_hampered by the fact that standardisation_of regulations concerning civil_rights_is not easy. The term mortgage_used in one part of Europe_means something totally different elsewhere._I_think_that Caccavale's attitude, that we_should approach this with an open_mind, is something_which my group would be able to_support._This will be necessary if we_really_want common rules for both bankruptcy_and_for_credit.
I also welcome point 9_of the proposal which concerns stricter_regulations governing advertising. Point 9 in the Caccavale report_has a totally_different meaning to the proposal_on_business_communication which we will be discussing at some point in_the future._I hope that_we will study point 9 and revert to it when_we do discuss business communication.

Ullmann
Mr President, in_both the report and the draft amendments to Directive 87/102, we_are dealing with an important aspect of the_provision of financial services in the context_of the European Union,_and_we are doing so in a situation_in_which_all_the relevant considerations_are influenced by